Bankrate

Mortgage Rates Plunge Following Fed Funds Rate Cut 

Mortgage rates hit rock-bottom this week following a key cut in the federal funds target, as the average 30-year fixed-rate mortgage sat at 5.19 percent — the lowest rate ever recorded by Freddie Mac [stock FRE][/stock], who began tracking rates in 1971 — with an average 0.7 point.  That’s down from last week’s 5.47 percent average, and far below the average of 6.14 percent recorded last year at this time, according to Freddie Mac’s weekly survey published Thursday.