Freddie Mac: Mortgage rates continue to sink

By Palm Beach Business.com

DELRAY BEACH — For anyone shopping for a mortgage and creditworthy enough to score one, it is indeed a happy holiday, thanks to some extremely low rates.

Mortgage rates fell to a record low for a second week in a row, according to Freddie Mac’s Primary Mortgage Market Survey, released Thursday. The 30-year, fixed-rate mortgage hit 3.91 percent with 0.7 point, down from last week’s 3.94 percent. A year ago, the 30-year sat at 4.84 percent.

Bankrate’s national mortgage survey, however, found the 30-year moving up slightly to 4.20 percent with 0.35 point from 4.19 percent a week earlier.

Both surveys had the 15-year remained right where they were a week ago, at 3.21 percent with 0.8 point according to Freddie Mac, and at 3.42 percent with 0.34 percent, according to Bankrate.

"Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan,” Freddie Mac Chief Economist Frank Nothaft said.

 

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DECEMBER 22, 2011 click to go home
 
         
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