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Mortgage rates yet again slammed into all-time lows, with signs emerging that the economy may still need to improve and action from the ""Federal Reserve"":http://www.federalreserve.gov/ to keep a heel on interest rates until 2014.
[IMAGE]Finance Web site ""Bankrate.com"":http://www.bankrate.com/ and mortgage giant ""Freddie Mac"":http://www.freddiemac.com/ offered up reports on interest rates for mortgage loans in two separate weekly surveys.
The former found rates for the 30-year fixed-rate mortgage falling to 4.12 percent, down from 4.25 percent last week, while the GSE said that it declined from 3.98 percent to 3.88 percent over the same time frame.
[COLUMN_BREAK]Freddie Mac said that the 15-year loan slumped down from 3.24 percent last week to 3.14 percent this week. Bankrate.com found the fixed-rate mortgage dropping to 3.34 percent from 3.45 percent.
""Home buyers and refinancers can thank Ben Bernanke and the Federal Reserve for this most recent drop in mortgage rate,"" the finance Web site said in a statement. ""The pledge to keep short-term interest rates on hold until late 2014 was the catalyst for this week's move and will also help keep a lid on mortgage rates for the foreseeable future.""
For adjustable-rate mortgages (ARMs), Freddie found 5-year loans averaging 2.80 percent, down from 2.85 percent last week, while the 1-year climbed from 2.74 percent to 2.76 percent.
Bankrate.com reported the 5-year and 1-year ARMs meanwhile settling at 3.02 percent, down from 3.09 percent last week.
""Frank Nothaft"":http://www.freddiemac.com/bios/exec/nothaft.html, VP and chief economist with Freddie, added in a separate statement that ""mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections.""
He cited figures that found GDP fell short of expectations in the last three months of 2011 by rising 2.8 percent, still below estimates of 3 percent.
