Mortgage rates drop

Mortgage rates hit their lowest levels since February, falling to 5.71% on 30 year fixed-rate mortgages. "It is remarkable how mortgage rates have remained so low for so long," said Frank Nothaft, Freddie Mac vice president and chief economist. "But as long as inflation is held in check, there is little or no pressure to push mortgage rates higher. And at the moment, despite high fuel prices, core inflation does indeed seem to be a nonevent.

"Continuing low rates will keep the housing industry abuzz. As a matter of fact, both new and existing housing sales figures in April are expected to come in at or near record levels." (CNNMoney)