Mortgage rates fall again, headed toward record low

Source: Milwaukee Journal Sentinel Business Section
Date: 17 July 2009

Rates for 30-year home loans dropped for the third-straight week, inching toward a record low reached this year, Freddie Mac said Thursday.  The average rate for 30-year fixed mortgages was 5.14% this week, down from 5.2% last week.  Last year at this time, the average rate for a 30-year mortgage averaged 6.26%, Freddie Mac said.  The rates do not include add-on fees known as points.  Borrowers in the Milwaukee area generally prefer not to pay points and as a result receive somewhat higher interest rates.