Mortgage Rates Down

Mortgage rates are at their lowest levels in recent memory! The benchmark 30-year, fixed-rate mortgage fell 6 basis points, to 5.13 percent, according to the Bankrate.com's national survey of large lenders. In the meantime, 80% of new applications are related to refinancing and the application level is back to extremely healthy levels. Banks with solid platforms such as Wells Fargo, US Bank and many Credit Unions have been inundated with volume. The hope is that these indicators are early signs of recovery.

Note: F1 Strategy compiles data from the US Treasury, Freedie Mac, Fannie Mae and the Mortgage Bankers Association.