Friday, October 8, 2010

Outstanding Home Loan Mortgage Rates Continue to Set Record Lows

great mortgage interest ratesHome Loan Mortgage rates tracked by Freddie Mac hit record lows this week, as investors were assured by signs that inflation is under control. 

30-year fixed-rate mortgages

  • Rates averaged 4.27 percent, with average 0.8 point, for week ending Oct. 7, which is down from 4.32 percent last week and 4.87 percent a year ago.  That's a low for time dating back to 1971.

15-year fixed-rate mortgages also hit a new low this week in records dating to 1991

  • Rates averaging 3.72 percent with an average 0.7 point, down from 3.75 percent last week and 4.33 percent a year ago.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)

  • Rates averaged 3.47 percent with an average 0.6 point, down from 3.52 percent last week and 4.35 percent a year ago.  That's a new low in records dating to 2005.

1-year Treasury-indexed ARM

  • Rates averaged 3.4 percent with an average 0.7 point, down from 3.48 percent last week and 4.53 percent a year ago.

freddie mac logoFreddie Mac's rate survey tracks prime conventional conforming mortgages with a 20 percent down payment. 

Borrowers with poor credit and those seeking to make smaller down payments or who don't meet Freddie Mac's underwriting standards will pay higher rates.

Source: Inman News, October 6, 2010.

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Harrison K. Long - Solutions for real estate and business, REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Tel:  949-854-7747  -  CA DRE 01410855 -  email: ExploreProperties@gmail.com -

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Buyers should take advantage of these amazingly good and record setting low home mortgage loan rates. 

Posted via email from Explore OC Homes

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