Mortgage Rates Lowest in Over 50 Years

Washington, DC, June 28, 2010--Average rates on 30-year fixed-rate mortgages reached their lowest levels in more than 50 years this week, according to HSH.com, a consumer loan publishing firm.

"Not since 1956 have market observers seen rates this low," the firm says on its website.

Rates on 30-year mortgages hit 4.69%, down from 4.75% on Wednesday and an average 4.85% last week.

Freddie Mac also said on Thursday that rates this week had fallen to an average 4.69%, which is the lowest level recorded since it began its survey in 1971.

HSH.com says you’d have to go back to at least the 1950s to find comparable rates.

Concerns about the health of the U.S. economy have put pressure on rates. Rates on 30-year fixed-rate jumbos are down to 5.65%, a seven-year low.

Nevertheless, demand for mortgages has been falling lately, probably because most those eligible to refinance probably already have.

In addition, lending standards have been tightened.