Mortgage Rate Drop to New Record Lows.
Posted on | November 20, 2009 |
“Interest rates on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21, while 15-year fixed rates were the lowest since our records began in 1991,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
Rates for 30 year fixed-rate mortgages fell to their lowest levels since May, according to a Freddie Mac report.
The average rate for a 30 year fixed-rate mortgage is now 4.83% (as of Nov. 19) which is a drop for last week’s already low 4.91%. To put this in perspective, the average a year ago was 6.04%.
The rate for 15 year fixed-rate mortgages also dropped. A year ago the average rate was 5.73%, and just last week it was 4.36%. As of Nov. 19, the average has fallen to 4.32%.
All of this has led to a major increase of mortgage refinancing:
more than 95% of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year
This is good news, it means many who made the mistake of getting an ARM have realized how dangerous they are and have gotten out. It also means less ARMs to default when the rate would have reset.
- How to Invest in Real Estate Without Buying Property
- A New Wave of Adjustable Rate Mortgages About to Reset.
- How to Save on Mortgage Costs, Including Refinances.
- REVIEW: AnnualCreditReport.com
- How to Take Advantage of Falling Mortgage Interest Rates
- Do Not Buy A House Before You Are Ready And Able.
- Introduction to Mortgages pt 4 of 5
- Save Time, Money and Space in Over 80 Ways
Comments
3 Responses to “Mortgage Rate Drop to New Record Lows.”
Leave a Reply
Popular Posts
Featured Links
Need Help With your Debt?
Incredible DealsRecent Posts
Categories
- 10 Investment Tips for Beginners
- Budgeting
- Building Wealth
- Career
- Credit
- Debt
- Economy
- Education
- Employment
- Frugal Lifestyle
- Home Buying
- Home Selling
- Income
- Insurance
- Investing
- Opinion
- Personal
- Rant
- Real Estate
- Retirement
- Reviews
- Saving
- Scam
- Small Business
- spending
- Sponsored
- Student Loans
- Taxes
- Tips
- Uncategorized
Blog Catalog
Archives
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
Sponsors
Scan2Contacts
Search
Get Updates
by Email
Recent Comments
- Debt Settlement Company on Nationwide Asset Services - Debt Settlement You Should Avoid!
- Local Services Expert - Melba Denosta on Avoid These 5 Credit Card Rookie Mistakes!
- credit blog on How Does Debt Settlement Affect Your Credit Score (And More!)
- Texas A&M on Avoid These 5 Credit Card Rookie Mistakes!
- Peter on Income at Home 55 is a Scam!
Contact
Recent Tweets
Blogroll
Tags
401(k) 529 savings plan Auto Insurance bailout Banking blogging Building Wealth college savings Cramer Credit Credit Cards Credit score Debt debt settlement Economy Employment FDIC foreclosure getting out of debt Gift Cards Housing Income Insurance Investing money Mortgage Rates Mortgages news Opinion Rant Real Estate Recession Retirement Review Reviews Saving Saving Money Savings Scam spending Sponsored Stock Market Stocks Taxes TipsDisclaimer
Unique visits since 2008:
November 27th, 2009 @ 3:53 pm
That is something very long over due. The credit card companies have been taking advantage of people long enough. It will be interesting to see the final outcome in feb/2010
December 8th, 2009 @ 5:55 am
a chto takoe molocnik?
December 26th, 2009 @ 7:03 am
[...] mortgage rates dropped to record lowsa few weeks back, they really had little room to keep falling. It should come as no surprise then [...]