Mortgage rates have dropped to the lowest level in more than five decades. Freddie Mac, the second largest mortgage finance company in the U.S., reported today the average rate for a 30-year fixed loan sank this week, hitting a new record low of 4.57% for the third week in a row. Rates on 15-year fixed-rate mortgages fell to an average of 4.07% and five-year adjustable-rates were also down to 3.79% from a week earlier, the lowest on Freddie Mac's records, which date back only to January 2005.
The incredible low rates have been great for homeowners looking to refinance their homes and even new home purchase loans have increased nearly 9% last week from a week earlier, the Mortgage Bankers Association stated Wednesday. However, this is still just half of what was reported in 2009.
Whatever the reason for these unbelievable low rates is, one thing is clear: these are the lowest mortgage rates in history! If you are looking to refinance your home or if your looking to apply for a new mortgage loan, the time to act is now! Please do not hesitate to call me for a no obligation consultation.
Chris Davis
Senior Loan Officer
Mobile: 602.686.9752
Fax 480.223.6369
chrisd@vipmtginc.com
www.vipmtginc.com
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