Mortgage rates fell all across the board this week with as the housing continues to rebound. The thirty year fixed averaged 4.83% with .07 points, its lowest level in six weeks. The average on the 30-year fixed was 4.98% three weeks ago and 6.04% at this time last year. National rates for the 15- year mortgage, a popular mortgage refinancing option among consumers, also dropped, with the average decreasing 4 basis points to 4.32%- the lowest rate ever on record.
The recent fall in rates is not surprising as the Fed recently finished wrapping up its 12 month $300 billion treasury buyback program and continues its efforts in purchasing $1.25 trillion worth of mortgage-backed-securities. Despite rates lingering just above all time lows in the recent months, the national volume for mortgage loan applications is at its lowest point in almost twelve years. Read the rest of this entry »
