Mortgage Rates at 52 Year Low

Home mortgage rates dropped to a 52 year low as fixed mortgages rates dipped to 5.19%, which is the lowest rate since 1956. The 15 year fixed mortgage rates fell to 4.86%. These drops have caused a surge of interest in refinancing.

Mortgage Fraud Reports up 26 Percent

The mortgage fraud increase comes as lenders go on the defensive as the housing crisis deepens, they have dramatically tighten their standards making it nearly impossible for borrowers to qualify for home loans, with out placing a very large down payment and proof of excellent credit and income.

As a result of these stringent standards more than 60% of the mortgage fraud cases stemmed from falsified applications, 28% came from tax returns or financial statements, and the rest come from appraisals. People are becoming more desperate and doing whatever they can to get what they need.

Mortgage Rates Fall A Bit

Freddie Mac released the results of their primary mortgage market survey. The survey shows that a 30 year fixed rate mortgage averaged 5.03%. It's down from last weeks average of 5.15%, and down much further from last year 6.15%.