By Jeff Adolph
Residential Real Estate
The 15-year FRM follows closely behind with an average of 4.92 percent, and this is the lowest this mortgage has been since mid 2004, 'when it averaged 4.84 percent.' For home owners and buyers this means that now may be the time to reassess your mortgage and consider refinancing, or even fixing an adjustable rate mortgage before prices begin to move back up. Sources: Realty Times (2008) 30-year Fixed Rate Falls to at Least a 37-year Low Do; available online at http://www.realtytimes.com Image Source: Microsoft Clipart and www.currant.com ----------------------------------------------------------------- *RealQuestions RealAnswers* Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions... ----------------------------------------------------------------- © 2006+ Jeff Adolph GayRealEstate USA Proudly Sponsored By:
According to Freddie Mac's Primary Mortgage Market Survey, which has been in operation since 1971, the 30-year fixed rate mortgage (FRM) has hit an all time low, as it now averages 5.19 percent.
"Interest rates for 30-year fixed rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971," Frank Nothaft, Freddie Mac vice president and chief economist said in a recent RealtyTimes.com interview. "The decline was supported by the Federal Reserve announcement on December the 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage related assets as conditions warrant."
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