Mortgage rates hit fresh 37-year low

Mortgage rates hit fresh 37-year low

Borrowing costs continue to fall, but that's failed to boost home buying.

By Les Christie, CNNMoney.com staff writer
December 31, 2008: 1:07 PM ET

NEW YORK (CNNMoney.com) -- Rates on mortgage loans are the lowest in the 37-year history of the Freddie Mac Primary Mortgage Market Survey, according to a weekly report released Wednesday.

The average 30-year, fixed-rate loan issued to borrowers declined to 5.1%, with 0.7 up-front points, for the week ending December 31, according to the survey.

The rate dropped from an average of 5.14% last week, which was the previous 37-year low. Freddie Mac (FRE, Fortune 500) began surveying lenders back in 1971. The 30-year fixed was at 6.06% a year ago.

Link to complete article:
money.cnn.com/2008

Here’s breaking news you need to know … and you need to let all your family and friends know right away as well. Your information … a hot commodity
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is checked, the “inquiry data” that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file have now become a commodity. This information is being sold by the credit bureaus to other lenders…and also to companies that sell and resell the same names and personal information.
That’s right – the credit bureaus have found a way to increase their revenues at your expense….and without your permission. These “inquiry leads” include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income. They are marketing personal, confidential information to competing creditors…and making millions.

Your privacy is being sold, not just once, but over and over again.

Just Say “No”

The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone at 1-888-567-8688 or online at www.optoutprescreen.com You must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period – at least you are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased your data.
The good news is by opting-out you can make it stop right away and protect yourself from “pre-approved credit offers” arriving via mail, which is one of the leading causes of identity theft in the US.

Take Your Privacy Back

Take your privacy back. Take five minutes right now – opt out, and pass it on. Refuse to be a part of this system.

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