Mortgage rates have hit record low interest rates for 30-year and 15-year mortgages. This is the most affordable in decades for those who qualify, reports the Associated Press. The rates have stayed low for the 6th consecutive week.Interest rates for 30-year, fixed-rate contracts dropped to 4.54% from 4.56, with an average 0.7 points. It is a record low for the 39-year interest survey, reported by Freddie Mac. Average interest rates for 15-year, fixed-rate mortgages also hit record lows, falling to 4.03% from last weeks 4.06%.The low rates have caused an increase in refinance activity throughout the last month, but many either cannot pay for closing costs, or do not qualify for a loan. Unfortunately, the tough economy and credit situation forces many to skip out on the opportunity to buy a home or refinance. Freddie Mac Vice President and Chief Economist Frank Nothaft said that the records were set during a period of mixed economic data.Nothaft adds, The number of local markets experiencing annual increases in home prices appears to be growing. However, existing home sales in June slowed. Moreover, although new home sales jumped by almost 24 percent, to 330,000 dwellings, it represented the second lowest rate since 1963.
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