30 Year Fixed Mortgage Rates Fall

January 8, 2009, 4:27, pm By

The New Year has been good to mortgage interest rates so far. Rates are hovering at 5.00% these days. This is just the beginning because the Fed just started buying mortgage papers from Fannie, Freddie. Today the Feds bought $10.2 billion worth and they have a target of buying up to $500 billion by the middle of 2009.

Here is a chart showing how far rates have fallen since last September:

30 Year Mortgage Rates Fall, January 2009It may be a good time to refinance your loan, but be aware that you must have some equity in your home. We’re turning away a lot of people due to lack of equity. However, the exception is for those who qualify for a FHA streamline refinance, which doesn’t require an appraisal.

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Mortgage Interest Rates Continue to Fall

December 11, 2008, 10:51, am By

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.

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