Thursday, September 29, 2011

Rate on 30-year mortgage falls to record 4.01 pct.

These advertise rates may not be the real rates most borrowers are getting when their loans are finally approved.  Some borrowers are getting charged a lot of points.
Fixed mortgage rates have fallen to historic new lows for a fourth straight week and are likely to fall further.
The average on a 30-year fixed mortgage fell to 4.01 percent this week, Freddie Mac said Thursday. That's the lowest rate since the mortgage buyer began keeping records in 1971. The last time long-term rates were lower was in 1951, when most long-term home loans lasted just 20 or 25 years.
The average on a 15-year fixed mortgage, a popular refinancing option, ticked down to 3.28 percent. Economists say that's the lowest rate ever for the loan.

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