Global risk aversion pushes down U.S. mortgage rates

Interest rates on residential mortgages in the U.S. are closing in on an all-time low, thanks to financial turmoil in Europe and high volatility on the stock market. This week, the average interest charged on a 30-year fixed-rate loan fell to 4.78%, slightly more than a record 4.71% reached in December. The Mortgage Bankers Association said refinancing applications have reached their highest level in seven months.