Average rates for 30-year fixed mortgage bonds in America now match the record low of last spring and are more than a percentage point lower than last year's level, according to the mortgage funder, Freddie Mac. Rates are now about 4.78% for a 30-year bond. Interest rates began falling a year earlier when the Federal Reserve Bank started to spend a $1.25 trillion to buy up mortgage-backed securities to lower rates, loosen credit and support a housing market that had been taking a major pummelling. However, credit standards remain very stringent, so only borrowers with excellent credit scores and 20% in cash to put down on the purchase will get these rates. For more, read the AP
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