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Archive for December 7th, 2009

Mortgage rates are lowest they’ve been in 38 years

Do you need another reason (besides the low prices and the big tax credit) to think about buying a new home? Okay, here it is: Mortgage rates came down again this week and are now at the lowest point IN THE PAST 38 YEARS!
Freddie Mac does a survey of mortgage rates every week, and this week’s survey shows that rates are at historic lows for 30-year fix rate mortgages.
The rates on 30-year (and 15-year) mortgages came down for the fifth week in a row, according to Freddie Mac. Rates on five-year adjustable rate mortgages came down to record levels a week earlier, and they stayed in that very low range during this most recent week.
Why the low rates? Well, demand for mortgages (and, of course, demand for housing) remains weak; also, foreclosures continue to be a factor.
The 30-year fixed-rate mortgage rate for the week was 4.71%, down from  4.78% during the previous week. A year ago, the average rate was 5.53%.

Tags: interest rates, pinellas