Monday, February 20, 2012

30 Year Rates STILL at Record Lows

I posted a few weeks ago about the great mortgage rates that are currently available. Rates are still at record lows - so if you haven't refinanced now is the time! These rates also make it a great time to buy. You can read more about when it is worth it to refinance here and find a great lender here.

Here’s a closer look at mortgages rates for the week ending Feb. 16:
30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 point, matching last week’s average. A year ago at this time, 30-year rates averaged 5 percent.
15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.8 point, also matching last week’s average. Last year at this time, 15-year rates averaged 4.27 percent.
5-year adjustable-rate mortgages: averaged 2.82 percent this week, with an average 0.8 point, dropping slightly from last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.87 percent.
1-year ARMs: averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.78 percent average. A year ago at this time, 1-year ARMs averaged 3.39 percent.

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