Sorry, savers: Interest rates set record lows (USA Today)
Tuesday July 17th, 2012
Interest rates hit another all-time low Monday, which is great news for borrowers but keeps savers in the land of no returns.
The bellwether 10-year Treasury note yielded 1.46% Monday and went as low as 1.44% in intraday trading. Bond traders push rates down when they think the economy is slowing and inflation is unlikely.
Rates on 30-year fixed mortgages closely follow the 10-year T-note yield. On Thursday, the average mortgage rate fell to a record low of 3.56%, according to mortgage giant Freddie Mac.