30 Year Fixed Mortgage Rates Fall

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.

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.

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