39° FOGGY, 30-year mortgage rates dip to 4.82%
Last Modified: Friday, May 22, 2009 at 4:03 a.m.
Rates on 30-year mortgages inched downward this week, remaining below 5 percent for the 10th-consecutive week and just above record lows.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dipped slightly to 4.82 percent this week, down from an average of 4.86 percent last week.
The all-time low of 4.78 percent was recorded the weeks of April 2 and April 30. Freddie Mac's survey dates back to 1971.
Low rates have sparked a surge in refinancing activity. The Mortgage Bankers Association said Wednesday its index of application volume climbed 2.3 percent last week from a week earlier. Applications to refinance existing loans made up nearly 75 percent of all applications.
-- Associated Press
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