Aug 23, 2009

Mortgage Rates Lowest Since Late May

According to an article in the Memphis Daily quoting Freddie Mac sources, the average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47 percent. For more information visit the Memphis Daily.

The hope in the mortgage banking industry would be that these low rates spur refinance activity (and possibly purchases), but the overall unemployment and real estate prices are the ones that will drive economic growth and will be real proof of the country coming out of the recession.

PrivoCorp ( is one of the fastest processors of conventional and FHA mortgages in the country.

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