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Mortgage rates fall to new record lows

Posted by Bonnie Martin Designated Broker on Thursday, May 3rd, 2012 at 9:03pm.

Mortgage loan rates are touching new 60-year lows, but many consumers won't be able to take advantage of them.

The lower rates will likely spur some homeowners to refinance, economists say. But mortgage standards remain so tight that many people won't qualify for a loan if they want to buy a house.

Disappointing economic growth helped drive fixed 30-year mortgages down to an average of 3.84% this week, says mortgage giant Freddie Mac. That bested the previous record low of 3.87% in February.

Low rates are traditionally good for housing demand, but this time may be different. Rates are dropping on signs of slowing economic growth, which isn't good for consumer confidence or housing demand.

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