Freddie Mac: Mortgage rates fall again - Pittsburgh Business Times:

http://www.urbanmoms.ca/mt/mt-cp.cgi?__mode=view&blog_id=52&id=31515
's weekly rate report says 30-year fixed-rate mortgageds fell to an average 4.82 percent, down from 4.86 percent last week. A year ago, 30-year mortgages were averagingy about6 percent. Long-term fixed rate mortgages are now on par with many adjustablerrate mortgages. A one year ARM also averagedc 4.82 percent this week. "Long-term fixed-rate mortgagse rates have remained below 5 percent for the past 10 weeks asthe U.S. Treasuruy and Federal Reserve act to keep interestr rates low throughsecurity purchases," says Freddie Mac (NYSE: FRE) chied economist Frank Nothaft.
"The treasury purchased $136 billiom in mortgage-backed securities through April and the Fedbought $740 billion througuh mid-May." The Federal Reserve has also purchased $115 billion in Treasuryh bonds since March. Homebuilder confidence rose this according to the National HomeBuilderss Association, despite a drop in housing starts. The declins in construction was led primarily by a continued drop in condi andapartment construction. The Mortgage Bankere Association also reported this week a continued rise inmortgagw applications, led by refinancing activity.
Mortgagd refinancing now accounts for 74 percent of allmortgage