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Mortgage rates fall again

By Holden Lewis · Bankrate.com
Thursday, August 12, 2010
Posted: 10 am ET

Mortgage rates fell again to another record low in this week's rate survey, with the 30-year fixed averaging 4.57 percent. Rates haven't been this low since the mid-1950s. This is the fourth week in a row in which the 30-year fixed either tied or set a record low.

A plurality of Rate Trend Index voters predict that mortgage rates will remain relatively unchanged over the next week. I am one of the misguided souls who predict an increase in rates. Good news for you: I've been right 15 times in the last 52 weeks. So if I say rates are going up, they're almost surely going down.

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4 Comments
Holden Lewis
August 12, 2010 at 10:03 pm

I doubt it. I said the same thing when people said we would drop to 4.5 percent. "It'll never happen," I said.

J. Moore
August 12, 2010 at 5:49 pm

Will we see 3%?

Holden Lewis
August 12, 2010 at 2:52 pm

I don't think the Fed's Treasury-buying program has anything to do with this week's rate drop. I'm guessing that this drop is a reaction to the lousy employment report from last week, coupled with recent stock market losses and fears that the U.S. economy's troubles could lead to a global double-dip recession.

C. Burke
August 12, 2010 at 12:39 pm

How much of this decrease is due to the Fed purchasing 10 year notes? Is this going to continue to drive down rates, in your opinion?