Skip to: Content
Skip to: Site Navigation
Skip to: Search
SUNDAY, NOVEMBER 8, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


0

Mortgage Rates Plunge to Lowest Ever

But plunging house values make refinancing impossible for many homeowners

Share

(Newser) – The benchmark 30-year mortgage interest rate has fallen below 5% for the first time ever as the collapsing economy continues to force interest rates down. Adjustable-rate mortgages fell to 5.25%, reports MarketWatch. But many homeowners can't take advantage of the new low rates to refinance because the value of their homes have dropped below their mortgage debt.

30-year benchmark mortgage rates are at their lowest since Freddie Mac began keeping track in 1971.
30-year benchmark mortgage rates are at their lowest since Freddie Mac began keeping track in 1971.   (AP Photo/Pablo Martinez Monsivais, File)
Mortgage rates are down but many homeowners can't take advantage by refinancing.
Mortgage rates are down but many homeowners can't take advantage by refinancing.   (AP Photo/David Zalubowski, file)
« Prev« Prev | Next »Next » Slideshow

The outlook is very positive that these low mortgage rates will likely persist at least through the first half of
the year.
- Financial analyst Greg McBride

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.6.09
Galleon Scandal: Shocked, Shocked by Insider Trading
11.5.09
Rupert Murdoch Is Mad but Cute
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

144 Stories

 Fed Leaves Rate 
 at Record Low 

Says it wants to foster recovery

Nov 4, 09 1:43 PM CST
(AP) - The Federal Reserve today held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • interest rate • Fed funds rate • interest rate cut

OPINION

Bailout
Is Bad News
for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

Oct 20, 09 12:17 PM CDT
(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the... More »

MORE ABOUT:
Federal Reserve • investments • recession • Treasury Department • interest rate • Allan Sloan • rescue package • Wall Street bailout • TARP

Bank of America Ready to Repay $20B in Bailout Cash

But bank haggles with Treasury, Fed over fee for loss-sharing deal

Sep 1, 09 7:59 AM CDT
(Newser) - Bank of America may become the latest institution to pay back a portion of its bailout money, with an eye toward escaping Washington's scrutiny of its pay packages. BofA isn't ready to pay back $45 billion in first-round TARP funds, the Wall Street Journal reports, but wants to start with... More »

MORE ABOUT:
Bank of America • Federal Reserve • Treasury Department • bailout • financial crisis • Wall Street bailout • TARP

 US Reaps Profit as 
 Banks Pay Back 
 TARP Funds 

Fed pulls in $14B from loan programs

Aug 31, 09 7:38 AM CDT
(Newser) - When the government spent some $240 billion last year to help avert financial disaster, the idea of making a profit from the TARP funds invested in teetering banks looked like a long shot. Now, however, profits from eight banks who’ve paid back the cash have totaled some $4 billion,... More »

MORE ABOUT:
Goldman Sachs • Federal Reserve • profits • Morgan Stanley • loans • American Express • investment • Treasury Department • taxpayer money • Northern Trust • TARP

(Newser) - The Federal Reserve has slowed its recovery-minded plan to purchase Treasury securities but said that "economic activity is leveling out," the Wall Street Journal reports. The Fed’s policy committee hopes to complete its $300 billion purchase of Treasury securities by October—originally slated for September—and... More »

MORE ABOUT:
Federal Reserve • recession • GDP • Treasury Department • Treasury bills • interest rates • economists • economic recovery

144 Stories


Mortgage rates at record low, but may fall further
NuWire

Refi boom update: mortgage rates tumble
Kansas City Star


Business 
TwitterFollow @NewserBusiness on Twitter

 
Federal Reserve • Freddie Mac • Treasury Department • mortgage rates • interest rate • adjustable-rate mortgages • 30-year mortgage • Palm Beach Financial Network

from our news partners