So after the slight uptick in mortgage rates two weeks ago, I thought that we had seen our all time low interest rates once and for all. But I was wrong. Mortgage rates hit an all time low again this week. Here is the date from the Inman News:
Rates on 30-year fixed-rate mortgages averaged 4.27 percent with an average 0.8 point for the week ending Oct. 7, down from 4.32 percent last week and 4.87 percent a year ago.That’s a low in records dating back to 1971, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey today.Rates for 15-year fixed-rate mortgages also hit a new low this week in records dating to 1991, averaging 3.72 percent with an average 0.7 point, down from 3.75 percent last week and 4.33 percent a year ago.
via Mortgage rates resume their record-setting ways | Inman News.
Overall it really looks like real estate markets nationally are sliding, especially the Utah Real Estate market. Demand for mortgages should be low all fall and winter. I’m predicting that mortgage rates stay really low like this for a while. But, my predictions are pretty much just guesses, so we will just have to wait and see.
