Low Mortgage Rates Helping to Stabilize Housing Market - The 30-year fixed-rate mortgage averaged 5.14% with an average 0.7 point for the week ending August 27, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.12%, and a year ago it was 6.40%. "Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market," said Frank Nothaft, Freddie Mac vice president and chief economist. "Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors®."
http://realtytimes.com/rtpages/20090828_rates.htm
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