Update in 30 Year Fixed Mortgage Rate From Freddie Mac, Hit a Record Again

Written By: admin on December 24, 2008 No Comment

Wednesday, December 24, 2008, Excellent news in mortgage loan rates program. Rates on 30-year fixed mortgages rates fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal
Reserve pledged to channel billions to prop up the sinking U.S. housing market.

While homeowners around the country are taking advantage of historically low rates to refinance their loans, the opportunity isn’t available to those with poor credit or small equity in their homes, and foreclosures are still likely to surge.

Freddie Mac, the mortgage company, reported Wednesday that average rates on 30-year fixed mortgage rates dropped to 5.14 percent this week, down from the previous record of 5.19 percent, set last week. The rate was the lowest since Freddie Mac’s weekly mortgage rate survey started in April 1971 and the eighth straight week of declines.