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Friday
Aug192011

Mortgage Rates Tumble to Near All-Time Low

Digital Vision/Thinkstock(MCLEAN, Va.) -- In addition to this being a buyer's market because of the continued plunging prices of homes, mortgage rates are near an all-time low.

Freddie Mac's weekly survey says that 30-year fixed-rate home loans are now being offered at 4.15 percent.  Prospective buyers would have to go all the way back to 1950 and 1951 to find a deal like that when long-term fixed-rate mortgages averaged 4.08 percent.

Shorter-term fixed-rate loans have also bottomed out with a 15-year fixed-rate loan now at an average rate of 3.36 percent.

It's possible these rates could sink lower, which might also sink spirits of people who want to buy a house but can't swing it right now because of economic hardships.

Copyright 2011 ABC News Radio

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