Colorado

May 27, 2010 11:40 AM by Bea Karnes, News First 5

Mortgage rates sink to lowest this year

Mortgage rates have fallen to the lowest level of the year as European turmoil caused investors to pour money into the safe haven of U.S. government securities.

Mortgage company Freddie Mac says the average rate on a 30-year fixed rate mortgage dipped to 4.78 percent this week from 4.84 percent a week earlier. It was the lowest level since early December, when rates fell to a record-low of 4.71 percent.

Persistent economic worries in Europe have sent yields for 10-year and 30-year Treasury bonds to their lowest levels of 2010. Rates on 30-year home loans often rise and fall in line with the 10-year note.

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