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Mortgage rates lowest since late May21 Aug

If you are shopping for a home, it is always a good idea to know where mortgage rates are because that can change your purchasing power negatively, as well as positively.  We will be posting regular links to articles about mortgage rates and where analysts think they might be headed.  We want to arm you with information!

Mortgage rates lowest since late May

McLEAN, Va. (AP) — Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said.

The average rate for a 30-year fixed-rate mortgage was 5.12%, down from 5.29% last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47%.

Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28, when they were 4.91%.

Rates on 30-year mortgages fell to a record low of 4.78% in April, but then rose to 5.6% after yields on long-term government debt, which are closely tied to mortgage rates, climbed.

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