Freddie Mac: Mortgage rates are close to all-time low

06/11/2010 | Los Angeles Times (tiered subscription model)

Freddie Mac reported that interest rates on 30-year fixed-rate home loans dropped to just above their record low, but demand for mortgages is still slow after the tax credit for home buyers ended. "The falloff in mortgage applications and sales is almost entirely due to the backside of the tax credit," said Moody's Economy.com chief economist Mark Zandi. "If sales are still weakening come September with still low mortgage rates, then my alarm bells will go off," he said.

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