After mortgage interest rates looked like they were starting to rise the last two weeks the trend reversed, and they are back down to all time lows again. We don’t know how long they will actually be this low. My advice for people considering buying or refinancing is to act quickly, because after this winter ends, I doubt we will ever see interests this low again. Here is the expert opinion provided by bankrate.com:
Mortgage rates fell this week, setting or matching modern record lows.
The benchmark 30-year fixed-rate mortgage fell 9 basis points this week, to 4.42 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.37 discount and origination points. One year ago, the mortgage index was 5.35 percent; four weeks ago, it was 4.45 percent.
At 4.42 percent, the 30-year fixed matched a record low in the 25-year history of Bankrate’s weekly survey. It equaled a record low set two weeks ago. Rates haven’t been lower since March 1953, according to the National Bureau of Economic Research’s statistics on FHA-insured loans.
The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 3.81 percent. The benchmark 5/1 adjustable-rate mortgage fell 10 basis points, to 3.57 percent, and the 30-year, fixed-rate jumbo fell 6 basis points, to 5.04 percent. All of those are record lows in Bankrate’s weekly survey.
via Mortgage analysis.
