New Record Low

Benzinga tells us the mortgage rate has found another hole that it has fallen through to a record low, as the 30-yr. fixed rate has hit 3.78% and the 15-yr. Fixed rate plunged to 3.08%, according to Bankrate. Still, the reticence of would-be buyers due to job insecurity, tight credit, and unstable home values weighs stronger than the low interest draw, and it has become “politically correct” to now rent. As such, the number of mortgage applications dropped the week ending May 25 by 1.3%.

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