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Mortgage rates drop to all-time low

Mortgages are falling to all-time lows, making it easier for potential homeowners to purchase.

Mortgages are falling to all-time lows, making it easier for potential homeowners to purchase.

Freddie Mac recently released its Primary Mortgage Market Survey results, which show the average mortgage rates dropped to a new all-time record low.

Despite glimmers of light at the end of the tunnel for the housing market, results are still showing declines in the country, which call for new ways to deal with the crisis.

The latest figures released by Freddie Mac revealed that economic growth fell short of expectations, with every product in the survey averaging new lows, excluding the one-year adjustable rate mortgage, which was up an average of 0.6 points.

"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections," said Frank Nothaft, Freddie Mac vice president and chief economist. "The gross domestic product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3 percent, while consumer spending in December was flat. One bright spot, however, was that fixed residential investment increased for the third consecutive quarter and residential investment spending rebounded in December, rising 0.7 percent."

President Barack Obama recently announced the government's pledge to assist homeowners and struggling housing markets, which was commended by the National Association of Realtors. While the average relocation cost in the country is more affordable, Americans are taking advantage of the low mortgage rates.