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May 6th, 2010 (Modified on May 7th, 2010)

Update1: Mortgage Rates Are Falling

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Update1: At the close of business today, the 30-year Conforming rate fell even further to 5.01%, according to HSH.com.

According to HSH.com, as of the end of last week, 30-year Conforming rates stood at 5.15%. At the close of business yesterday, the 30-year Conforming rate fell to 5.04% — the lowest level since late March. Even today, rates continue to trend downward.

What’s behind the decline? The turmoil in Greece has sent interest rates tumbling.

“World turmoil and the associated ‘flight-to-quality’ purchase of American assets by investors is to the benefit of homeowners and homebuyers,” said HSH.com’s VP Keith Gumbinger. “But this downturn in rates will likely turn around sharply once the issues at hand are resolved.”

With the homebuyer tax credit out of the picture, and with mortgage rates this low, it may be hard to find yourself a better deal. Take advantage of these low mortgage rates — start your search now!

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One Response to “Update1: Mortgage Rates Are Falling”

  1. Tweets that mention Mortgage Rates Are Falling 30 Year fell to 5.04% yesterday, lowest level since late March. World turmoil is responsible -- Topsy.com Says: May 6th, 2010 at 1:17 pm

    [...] This post was mentioned on Twitter by HSH Associates. HSH Associates said: Mortgage Rates Are Falling http://bit.ly/aMhbeD 30 Year fell to 5.04% yesterday, lowest level since late March. World turmoil is responsible [...]

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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