Freddie Mac: Mortgage rates fall again - Dayton Business Journal:

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's weekly rate report says 30-yeatr fixed-rate mortgages fell to an averagde 4.82 percent, down from 4.86 percent last A year ago, 30-year mortgages were averaging aboutt6 percent. Long-term fixed rate mortgages are now on par with many adjustablrerate mortgages. A one year ARM also averaged 4.82 percent this week. "Long-term fixed-rate mortgage rates have remained beloaw 5 percent for the past 10 weeks asthe U.S. Treasuryu and Federal Reserve act to keep interest ratess low throughsecurity purchases," says Freddie Mac (NYSE: FRE) chiefv economist Frank Nothaft.
"The treasury purchased $136 billionh in mortgage-backed securities through April and the Fedbought $740 billion through mid-May." The Federal Reserve has also purchaseds $115 billion in Treasury bonds sincee March. Homebuilder confidence rose this month, accordingt to the National HomeBuilders Association, despite a drop in housin starts. The decline in constructiohn was led primarily by a continuedd drop in condo andapartment construction. The Mortgage Bankers Associationm also reported this week a continued rise in mortgage led byrefinancing activity.
Mortgage refinancing now accountz for 74 percent of allmortgage