Mortgage Rates hit another Historic Low
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgages reached new record lows this week, again. This week's rate is the lowest since Freddit Mac began recording rates in 1971.
Frank Nothaft, vice president and chief economist of Freddie Mac commented, "For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports."
The 30-year fixed-rate mortgage (FRM) averaged 4.54 percent with an average 0.7 point for the week ending July 29, 2010, down from last week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.
The 15-year FRM this week averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent.
Contact me for recommendations to experienced local lenders. These rates are just too good to pass up!
Sherry Armstrong
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