Mortgage Rates Hit Five-Month Low

This won’t make much difference for most people who want to buy a home unless they have stellar credit, secure income and at least a 20% down payment.

The AP says: RATES HIT YEARLY LOWS: Freddie Mac said the average rate on a 30-year fixed mortgage fell to 4.63 percent and the average rate on the 15-year fixed loan slipped to 3.82 percent. Both are lows for the year.

ON THE SLIDE: The fourth straight weekly decline has made buying or refinancing more attractive for Americans.

OBSTACLES REMAIN: Job concerns and strict lending standards have kept many buyers on the sidelines. Others who could afford to buy are holding off, worried that foreclosures will continue to force down home prices.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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