Mortgage Rates Are At Record Lows

Rates on 30-year fixed rate mortgages fell to 4.85 percent this week according to a Freddie Mac report. This is the lowest rate in over 37 years. The low rates are due to the Federal Reserve's effort to assist the stagnant U.S. housing market. Concurrently, mortgage applications are surging, mostly from homeowners aiming to refinance.