Mortgage rates still dropping.

[flippinout]

30 year mortgage rates, country wide, have dropped to the lowest since 1971. !971 being the year that Freddie Mac started tracking the data.

This new low has brought many more applications from borrowers, those borrowers with excellent credit and equity in their homes are okay for the loans, but people that are facing foreclosure are still facing problems and the foreclosures are still expected to rise even more in the coming months.

Last week, 30 year fixed rate mortgages were at 5.14 percent and have since dropped to 5.1 percent.

There is no end in sight to the mortgage crisis.