Mortgage Rates: How Low Can They Go?

by Coldwell Banker Evergreen Olympic Realty, Inc. on October 9, 2009

Mortgage rates dropped again this past week, according to Freddie Mac’s Weekly Primary Mortgage Market Survey. The average rate on a 30-year fixed rate mortgage now stands at 4.87% with average points and fees of 0.7, down from 4.94% the week before.

These are the lowest the rates have been since mid-May, and very near the all-time low of 4.78% established in April 2009.

Rates on the 15-year fixed rate mortgage averaged 4.33%, with average points and fees of 0.7. This is the lowest the 15-year rate has been since Freddie Mac began tracking the data in 1991.

See our post on October 2nd, entitled Lower Interest Rates Keep More Money in Borrowers Pockets, for more about these lower rates and refinancing an existing loan.

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