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30-year mortgage rate falls to lowest ever

Posted by Jolenta Averill on Sunday, January 18th, 2009 at 3:50pm.

30-year mortgage falls below 5% for the first time ever!


mortgage rate graphAccording to marketrate.com, the national average rate on the 30-year loan fell to 4.96% in the week ending Jan. 15, down from 5.01% a week ago. That is the lowest rate on record. Freddie Mac began its rate survey in 1971. A year ago the loan averaged 5.69%.  The 15-year fixed-rate mortgage, a popular refinancing choice, edged up to 4.65% from 4.62% a week ago. Last year at this time the loan averaged 5.21%.

Madison mortgage bankers are reporting a huge surge in refinancing activity as mortgage rates have plumbed historic lows...

If you're a first-time home buyer interested in taking advantage of these historically low rates, please contact us at Lake & City Homes to discuss the advantages of using a buyer's agent. And if you're looking to refinance and need a good mortgage banker, we'd be happy to refer you to one of several excellent lenders we're partnered with.

 

Hi, and welcome to our Madison real estate blog. Whether you're a consumer, journalist or Realtor, we encourage you to share your thoughts by leaving a comment. Here you'll find relevant local and national real estate information, as well as market statistics, insight, and information about a variety of neighborhoods and real estate listings. If you'd like more information about anything in particular, please use the contact form and I'll be happy to help.

Jolenta Averill, Principal
Lake & City Homes Realty
(563) BUY-SOLD

2 Responses to "30-year mortgage rate falls to lowest ever"

Tim wrote:

Good luck - rates do look crazy. I wish I was a first time homebuyer all over again :)


Posted on Sunday, January 18th, 2009 at 11:12pm.

Ryland wrote:

Amazing to think that one can lock in at that rate for 30 years -- hard not to with tax advantages and the potential to compound earnings. And to think the greedy banks up here in Canada are charging prime+ on variable mortgages for even the best customers...

Posted on Monday, January 19th, 2009 at 1:07pm.

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