Rates Drop Again - 4.85% Interest

Interest rates on 30 year mortgages dropped to 4.85% this week, a 38 year low according to Freddie Mac.

After the Fed's announcement of plans to buy $750B in MBSs and $300MM in Treasuries, the mortgage markets responded with the big drop. On top of the $8000 tax credit for first time buyers and lowered prices over the last few years, incentives for buyers are everywhere right now.