Mortgage rates hit lowest level in 5 decades

July 1, 2010 5:27:08 PM PDT
They say there's no time like the present and that may be especially true for anyone looking to refinance or buy a new home.

Mortgage rates have sunk to the lowest level in more than five decades. Freddie Mac says the average 30-year fixed rate loan hit 4.58 percent this week.

It can be difficult to qualify for credit these days.

Still, applications for mortgages rose 9 percent last week from the week before.