(Voice of Bankrate.com reporter, Kristin Arnold talking)
Mortgage rates continue their eight week slide, hitting new lows for 2011. The average rate on a 30-year fixed-rate mortgage inched downward to 4.65 percent ... dropping four basis points. The popular 15-year fixed-rate mortgage also fell 9 basis points to 3.79 percent.
Another fixed-rate product, the 30-year jumbo mortgage, averaged 5.19 percent, actually going up 3 basis points.
With continued reports on a barely recovering job market and ongoing weakness in the housing market ... even with record low mortgages rates -- people just don't feel confident enough to buy or simply can't.
Federal Reserve Chairman Ben Bernanke said in a speech on Tuesday that the economic recovery appears to be continuing at a moderate pace, but "at a rate that is both uneven across sectors and frustratingly slow from a perspective of millions of unemployed and underemployed workers."
Of course, if the time and price is right for you -- your smartest move is to shop for the best mortgages rates by visiting Bankrate.com. I'm Kristin Arnold.
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