Mortgage Interest Rates Continue to Fall

Home mortgage rates are trending downwards and presenting homeowners with an opportunity. Freddie Mac says rates are at their lowest levels since 2004 (from MarketWatch):

SAN FRANCISCO (MarketWatch) — Freddie Mac said Thursday that the 30-year fixed-rate mortgage average dropped from a week ago to a four-and-a-half year low as bond yields declined. The 30-year fixed-rate average was 5.47% with an average 0.7 point for the week ending Dec. 11, down from 5.53% a week ago. Last year the average was 6.11%. The 30-year average has not been lower since March 25, 2004, when it averaged 5.4%, Freddie Mac said.

This may be a good time to get a mortgage evaluation. It would be worthwhile to sit down with a lender and see if there is an oppportunity to take advantage of lower rates through a refinance.