| 30-year mortgage rates fall below 4% and Home ownership: Biggest drop since Great Depression |
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NEW YORK (CNNMoney) -- Mortgage rates have never been cheaper, with the 30-year rate falling below 4% for the first time in history.The interest rate on a 30-year fixed-rate loan fell to 3.94% this week, the lowest rate since mortgage giant Freddie Mac (FMCC, Fortune 500) began tracking it. Meanwhile, the average for a 15-year fixed-rate mortgage also hit a record, falling to 3.26%."Average 30-year conventional fixed mortgage rates fell below 4% for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew," said Freddie's chief economist, Frank Nothaft.Yields on the benchmark 10-year U.S. Treasury bond, which mortgage rates closely track, have been under 2% this week, closing as low as 1.78%.The dirt-cheap mortgage rates can result in considerable savings for homeowners. [Read the full article] Foreclosures filings increased in the latest quarter, along with the time it takes to process them.NEW YORK (CNNMoney) -- Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac, an online marketplace for foreclosed properties.Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases, said RealtyTrac Chief Executive James Saccacio."This marginal increase in overall foreclosure activity was fueled by a 14% jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures," he said. [Read the full article] The average rate for a 30-year mortgage dropped below 4% earlier this month for the first time, hitting 3.94%, Freddie Mac reported.But at the same time, LendingTree (TREE) reported that the average rate offered to borrowers by its network of lenders was about 4.32%.Only about 9% of LendingTree borrowers got loans below 4%. About a third got loans between 4.5% and 5%.Those rates are still low, but a half point rate difference adds about $700 a year to the payments on a $200,000 mortgage.There are a couple of reasons why so few borrowers get the best deals. One is that Freddie Mac surveys lenders, and the rates they quote apply to borrowers with flawless credit, ones with high credit scores and who put down 20% or more. The LendingTree numbers reflect actual loans that borrowers got.There's another factor in play, too. The low rates draw in a flood of current homeowners looking to refi. [Read the full article] 
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