Mortgage rates have become a broken record — in more ways than one.
In 12 of the 13 weeks from mid-April through mid-July, long-term home loan rates matched or hit new lows, as 30-year fixed loans fell to 3.53%, their lowest level in at least 40 years. (Since the end of July, they’ve edged up to 3.66%.)
Mortgages closely track Treasury yields, which have been flattened by investors seeking safety amid lackluster U.S. growth forecasts and European financial woes.
“No one expects rates to leave this range for quite a while,” says Rick Allen of loan site Mortgage Marvel.