Tag Archive | “lowest ever mortgage rates”

US Mortgage Rates Drop to Record Low of 4.71%

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There is a record drop in mortgage rates for fixed 30-year loans, among signs that the housing market has started emerging from the worst slump since the 1930s.

Rates fell to lowest ever recorded 4.71%

The rate has become as low as 4.71% for the week ended today. This has been recorded as the lowest since Freddie Mac began compiling the data in 1971.

current mortgage rates2

Mortgage buyer Freddie Mac of McLean, Virginia,  said today in a statement that the average 15-year rate was 4.27%.

Increase in Mortgage Applications

Low mortgage costs and a tax credit for first-time homebuyers have rendered help to increase the demand for property as in October the number of contracts to buy previously owned homes rose and last week there has been a surge in mortgage applications.

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Good news for home owners-A Record fall in Mortgage rates

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There has been a record drop in mortgage rates this week, this is due to the drop in burrowing cost which encouraged the people for refinancing and also opens doors for several refinance applications in the South Bay as homeowners are willing to take advantage of some of the best loan deals in nearly 40 years.

The 30-year National average interest rate for home loans was recorded as 4.98 % last week which fell to just 4.85% this week. That’s the lowest ever recorded figure for home loans recorded by the company which is backed by government and their database contains records form1971.This shows that this is the lowest average interest rate during the last 38 years. The last lowest rate was recorded in mid-January, which was 4.96%. Average rates are those for “conforming” loans, up to $417,000.

mortgage rate going down

The expert’s opinion is that Mortgage Rates will remain low for the whole year. It will possibly provide a relief that was needed the most for the housing market.

Even in Silicon Valley which is an expensive area to buy a home, and in the last year bigger loans where needed to buy a home in that area, news of the low rates has increased the number of loan applications to a greater extent owing to make the local mortgage industry professionals more busy as they were the last year said.

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