How low will it go……4.58% is the 30 year fixed rate !

Jul 11th 2010

Related Posts: Credit & Finance, Government, Mortgage Money, What If Realty News

hi

U.S. mortgage rates fell for the second straight week to the lowest level in five decades, as a refinancing boomlet took hold.

Mortgage company Freddie Mac reports that the 30-year fixed-rate mortgage (FRM) average 4.57 percent, down from last week when it averaged 4.58 percent. That’s the lowest level since Freddie Mac began tracking rates in 1971. Last year at this time, the 30-year FRM averaged 5.20 percent.

The 15-year FRM this week averaged 4.07 percent, up from last week when it averaged 4.04 percent. That was the lowest on records dating to September 1991. A year ago at this time, the 15-year FRM averaged 4.69 percent.

Average rates on one-year adjustable-rate mortgages fell to 3.75 percent from 3.80 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for all types of loans in Freddie Mac’s survey averaged 0.7 a point.

This entry was posted on Sunday, July 11th, 2010 at 5:37 pm and is filed under Credit & Finance, Government, Mortgage Money, What If Realty News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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