The 30-year fixed-rate mortgage falls to 4.88 % - 5 Month Low

The benchmark 30-year fixed-rate mortgage fell to 4.88 %
    -- 1 year ago, the mortgage index was 5.12 %;
    -- 4 weeks ago, it was 5.08 %.

Why has the Mortgage Rate Plunged to 5-Month Low ?
   There seems to be a lot of forces coming together to keep rates low. Two of the reasons for the mortgage rate drop are:

1. Bad news for Europe equals good news for mortgages.
Another international event that may influence mortgage rates in the United States is the Greek debt crisis. While the U.S. economy is bad, the U.S. debt is still perceived as a much safer investment than the debt of some European countries.

2. Slow U.S. economy.
The main driver for the near-record low rates is the bad economy.


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