Home mortgage rates low, low, low

Mortgage interest rates tied historic lows this week at about 4 3/4 percent. This rate was for the fixed rate, 30 year, conventional (20% down-payment). Wow. This is down from about 6% a year ago, and 6 1/4 % two years ago. Why are the rates so low? The government is still snapping up the majority of mortgage paper, and is slated to do so through early next year.

Interest rates are tied for historic lows.