BUSINESS
05/04/2009 05:12 am ET Updated May 25, 2011

Mortgage Rates Easing for Consumer-Driven Rebound

April 3 (Bloomberg) -- U.S. Federal Reserve Chairman Ben Bernanke is delivering what he promised five months ago, record- low mortgage rates and a refinancing boom that's putting cash in consumers' pockets.

Fixed 30-year mortgage rates fell to a record low for the second consecutive week last week, hitting 4.78 percent, Freddie Mac said yesterday in a statement. The rates are the lowest in records dating to 1971, and come after Bernanke told Congress in November that helping the most creditworthy borrowers was essential to reviving the economy.

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