First Article on Fixed Rate Mortgages

Fixed Rate Mortgages

By: Jim Pendleton- MrMortgage^TM

Fixed mortgages rates for 15- and 30-year loans dropped to record lows this week, but it's not clear that lower interest rates are having much impact on the overall market.

Not for the housing market. "Activity in the housing market continued to be depressed by the substantial inventory of foreclosed and distressed properties," according to minutes of the Federal Reserve's monetary policy committee meeting in December.

Not for would-be borrowers. Applications for new mortgages and refinancings are down, according to the latest survey of the Mortgage Bankers Association.