Mortgage Rates Reach Lowest Level Year-To-Date

Back in December 2010, mortgage rates reached 4.61% or lower for a 30-year mortgage. For the fifth straight week in 2011, mortgage rates have, once again, inched their way down, mirroring the rate back in December 2010, according to reports by Freddie Mac in its weekly market survey.

During the spring and summer seasons is the most popular time for potential home buyers to purchase a new home, especially with the mortgage rates taking another plunge. As interest rates continue to fall, the mortgage applications continue to rise. According to the Mortgage Bankers Association on realtors.org, the mortgage loan application volume has increased almost 8% last week, while those refinancing have also increased about 13% over the prior week.

Read the full article on http://www.realtor.org/RMODaily.nsf/pages/News2011052001?OpenDocument.