Morning Minute: Mortgage rates hit new record low

How low can they go?
Freddie Mac reports that mortgage rates fell to yet another record low with the average rate for a 30-year fixed loan falling to 3.83 percent while the average 15-year rate dropped to 3.05 percent for the week ending today, according to Bloomberg.com.

In other news:

April home sales rose 27 percent in the Bloomington-Normal housing market, the Pantagraph reports.

The median home price climbed 15.3 percent in the Springfield area market during the first quarter of 2012, the State Journal-Register reports.

The Chicago Tribune reports on a new smartphone app, HomeSnap, that allows you to snap a photo of a house and pull up the estimated value, what it last sold for and more information.

Fannie Mae turned a profit in the first quarter of 2012 and will repay the U.S. Treasury Department $2.8 billion, according to the Associated Press (via Daily Gazette).

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