Mort­gage rates sink to new low, but loan ac­tiv­ity slow to pick up

Austin American-Statesman - - BUSINESS AND PERSONAL FINANCE -

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.

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