Mortgage rates sink to new low, but loan activity slow to pick up
Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren’t rushing to refinance their loans or buy homes. Mortgage company Freddie Mac said the average rate for 30-year fixed loans sank to 4.58 percent this week.
That’s down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. However, tighter lending standards and declining home equity have made it difficult for many borrowers to refinance, and many who do qualify have already done so.