30-year mortgage falls below 5% for the first time ever!
According 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.
Posted by Jolenta Averill on
Good luck - rates do look crazy. I wish I was a first time homebuyer all over again :)
Posted by Tim on Sunday, January 18th, 2009 at 11:12pmAmazing 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 by Ryland on Monday, January 19th, 2009 at 1:07pmLeave A Comment