Mortgage Rates Fall Again, Does Anyone Care?

Mortgage rates continued their fall last week (a short one because of the Thanksgiving holiday). The rate on the 30-year fixed fell to 4.79% from 4.82% two weeks ago. That was the lowest rate since the week ending May 15, according to the Mortgage Bankers Association’s weekly survey released Wednesday.
Application volume was up 2.1% from two weeks ago. But much of the activity was in refinancing–72.1% of applications.
Average rates continue to fall into record-low territory, meanwhile, on 15-year fixed-rate mortgages. Rates were down to 4.27% last week, the lowest ever recorded in the MBA survey, which dates back to 1972. The previous record-low was hit in October 2009.
Over at the Mortgage Insider blog Mathew Padilla wonders why there’s been little buzz over these low rates. “Perhaps it’s true that everyone who could benefit from a refinance has refinanced,” he speculates.
Readers, have any of you taken advantage of these low rates by refinancing? How long do you expect below-5% rates to last?

Mortgage rates continued their fall last week (a short one because of the Thanksgiving holiday). The rate on the 30-year fixed fell to 4.79% from 4.82% two weeks ago. That was the lowest rate since the week ending May 15, according to the Mortgage Bankers Association’s weekly survey released Wednesday.

Application volume was up 2.1% from two weeks ago. But much of the activity was in refinancing–72.1% of applications.

Average rates continue to fall into record-low territory, meanwhile, on 15-year fixed-rate mortgages. Rates were down to 4.27% last week, the lowest ever recorded in the MBA survey, which dates back to 1972. The previous record-low was hit in October 2009.

Over at the Mortgage Insider blog Mathew Padilla wonders why there’s been little buzz over these low rates. “Perhaps it’s true that everyone who could benefit from a refinance has refinanced,” he speculates.

Readers, have any of you taken advantage of these low rates by refinancing? How long do you expect below-5% rates to last?

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Published by Sebastian on Jan 22nd, 2010 in Uncategorized

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