Just when you think mortgage rates can’t get any lower, they continue falling. As the Wall Street Journal reported today, mortgage rates have hit their lowest level in years. Here are the details:
- The 30-year fixed-rate mortgage averaged 4.84% for the week ended Thursday, down slightly from last week’s 4.93% average but up a hair from 4.82% a year ago.
- Rates on 15-year fixed-rate mortgages were 4.24%, down from 4.3% and 4.5%, respectively, to hit the lowest level since Freddie began tracking such loans in August 1991.
So what do these low rates mean? For starters, they’ve helped bolster the housing market, along with generous tax credits. And the volume of refinance applications are no doubt on the rise.
In fact, I contacted our bank today to discuss refinancing our 30-year fixed rate mortgage that currently stands at 5.625%. For what’s called a super conforming loan, we were quoted 5% for a 30-year fixed and 4.25% for a 15-year fixed, both loans without origination fees or points. For conforming loans, you can undoubtedly do better.
So if you are considering buying a house or refinancing your mortgage, it’s hard to imagine better rates than what you can get today. We’ve recently added a mortgage rate table to the site that is updated daily as rates change. The table includes rates based on your location, and covers 15, 20 and 30-year fixed rate mortgages, as well as adjustable rate loans and home equity lines of credit.
Published or updated May 21, 2010.