The Realty Times reports that 30 year fixed rate mortgages are near record lows at 4.00 percent...
MCLEAN, Va., -- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market. The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.
30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending November 3, 2011, down from last week when it averaged 4.10 percent. Last year at this time, the 30-year FRM averaged 4.24 percent.
15-year FRM this week averaged 3.31 percent with an average 0.7 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 3.63 percent.
Full Story : http://realtytimes.com/rtpages/20111104_rates.htm
While these low mortgage rates might help stimulate home-buying but most average consumers don't have the credit scores to get loans at these rates.
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Nov 06, 2011, 01:38:02 PM