Mortgage rates fell once again, to the lowest point on record, according to mortgage rate research website, ForTheBestRate.com. Rates for a 30 year fixed rate mortgage were advertised as low as 3.875% (APR: 4.040%, Lender: LoanDepot) on Thursday, September 8th. Pricing this low for residential home loans is unprecedented, and while it reflects the weakness of the US and global economy, represents a huge opportunity for home buyers and current mortgage holders.
The record setting drop was confirmed in the weekly mortgage survey released September 8 by Freddie Mac, a government sponsored enterprise that purchases residential mortgage loans in the secondary market. The report showed that the average 30 year fixed rate mortgage was down to 4.12% (0.7% points), the lowest point since Freddie Mac began keeping records four decades ago. 15 year fixed rate pricing also fell to an average of 3.33% (0.6 points) from 3.39% (0.6 points) the week prior. 5 year arm rates held steady averaging 2.96% (0.6 points).
Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on 9/8/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
For more information, visit www.ForTheBestRate.com.