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Rates Fall! Great time to Refinance

October 9, 2012

The Fed has handed mortgage borrowers an amazing opportunity. As of September Mortgage rates have fell to the lowest levels in history. Opening the doors to new groups of refinancers and surprising many homebuyers.

30 year fixed rate mortgage – 3 month trend

30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage fell to 3.55 percent from 3.7 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index stood at 4.3 percent; four weeks ago, it was 3.8 percent.

The benchmark 15-year fixed-rate mortgage fell to 2.88 percent from 2.95 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.68 percent from 2.69 percent.

 

If you are currently in need of a loan, we have the educated staff you need to see you through the loan process! Fill out anapplication online today and put yourself one step closer to owning a home!

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