Mortgage Rates Lowest in 39 Years :)
Posted by Gary Ashton: RE/MAX on Monday, October 11th, 2010 at 7:55pm.Thirty-year fixed mortgages slipped to 4.27 percent this past week, the lowest on records dating back to 1971, from 4.32 percent the previous week.
A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent the prior week, and the one-year ARM dropped to 3.40 percent last week from 3.48 percent.
Its a great time to refi as I have personally done this week with Brand mortgage :) This helped me save about $300 a month. Thanks to the guys at Tennessee Title everything closed smoothly and I walked out of the closing with the same house and a reduced payement!
[SOURCES: Freddie Mac; Information, Inc.]
Gary Ashton
The Ashton Real Estate Group of RE/MAX Elite
The #1 RE/MAX Team in Tennessee and #25 in the USA
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Congratulations on your refi! I know that our local area lenders are fed up with them but I personally think everyone who qualifies and can afford to refinance certainly should. That way they can put that money saved back into the economy (or pay down their credit card debt, student loans, etc). If the economy weren't so shaky and lenders were a little less stringent with their requirements (seriously, the pendulum has now swung to the opposite extreme of what we were seeing at the height of the mortgage mania), we'd be seeing an awful lot more buying going on given these irresistible rates, that's for darn sure.
Posted on Thursday, October 14th, 2010 at 10:06am.