Home Loan Mortgage Rates Remain at Record Lows and Excellent News for Homebuyers

Home Loan and Mortgage rates remain at lowest level in decades.

 

Rate averages at U.S. for this week were: 

• 30 yr fixed mtg 4.59% 
• 15 yr fixed mtg 4.11% 
• 5/1 ARM 3.70% 
• $30K home equity loan 7.35% 
• $30K HELOC 5.08% 

Government-sponsored mortgage buyer Freddie Mac said this week that average rate for 30-year fixed loans was 4.57%.  The last time home loan rates were lower was the 1950s. 

Why have rates fallen so much?  Probably because investors are concerned with European debt crisis, have poured money into safety of Treasury bonds, where yields have fallen, and mortgage rates have gone down.  Mortgage rates tend to track yields on U.S. debt.

Other current rate information: 

• Rates on 15-year fixed-rate mortgages decreased to an average of 4.06%.  
• Rates on five-year adjustable-rate mortgages averaged 3.85%.   
• Rates on one-year adjustable-rate mortgages fell to an average of 3.74% from 3.75%.

These loan rates do not include add-on fees (points), and one point is equal to 1% of total loan amount.

Source: Associated Press.
 

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This is for information only, and we do not handle loans and mortgages.  I recommend that you contact your lender or local qualified and professional mortgage broker.  If you are in Orange County, CA, contact Tim Sibley, First Capital Mortgage, located at Corona del Mar and Irvine. 949-718-1511.

Harrison K. Long
REALTOR and broker associate, Explore Group Properties, Coldwell Banker Previews
949-854-7747 - CA DRE 01410855 - www.LiveAtIrvine.com - www.NewportCoastLive.com - www.LiveAtNewportBeach.com - www.CostaMesaLive.com - www.LiveAtLagunaBeach.com - www.CoastLivingHomes.com - www.ExploreOCHomes.com  

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