Mortgage Rates Drop Again!!

According to Freddie Mac's survey of what lenders are offering borrows, a 30 yr fixed mortgage hit another low this week. The rates dropped from 3.56% last week to 3.53%.

A new rate was set for the 12th time in 13 weeks with the Federal Reserve is aggressively pushing rates down and few signs of inflation on the horizon according to Freddie Mac economist Frank Nothaft.

The 15 yr fixed loan has been a popular part of the recent boom in refinancing and also set a new record, from 2.86% down to an average of 2.83%.

Each week Freddie Mac asks lenders about the terms they are offering to solid borrowers for loans of up to $417,000. Well-qualified borrowers can possibly do slightly better by shopping around for lenders. Its also possible for them to "buy down" rates by paying additional discount points to lenders according to the industry pros.

So if your ready to jump on the band-wagon and look for the best possible loan out there for you to either purchase or refinance your home home, call me and I'll refer you to a few great lenders!

Source: LaTimes

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