Are Mortgage Rates Going Lower?
Mortgage rates dipped lower for the 2nd straight week according to Freddie Mac. The 30 year fixed averaged around 5.0 with one point in the regions with the lowest rates. A year ago they were close to 6.0% and sometime in February they reached around 6.875%.
During the height fo the market we were seeing 6.25-6.5% rates. Sad to see so many homes going unsold at these rate levels.
Will a grown up walk into the room and take control of the situation!
“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” said Freddie Mac chief economist Frank Nothaft.
The 15-year fixed went down to 4.68% with one point down from 5.0% percent last week and 5.675% a year ago.Adjustable-rate mortgages got better also- five-year ARM fell to 5.0% from 5.25%.
These rates are good for conforming loan amounts with a loan-to-value of 80%.
We are currently offering a special on Jumbo loan mortgage rates at 5.875%.
Yes, the fix rates will be next week
in the 4.50% or lower.
Giorgio
Posted by Giorgio — 20 Feb 2009, 20:03
Great post, totally agree with you on that point.
Posted by Fx Boss — 15 Jan 2010, 05:34