30 Year Fixed Mortgage Rate Under 5%
For the past few years the lowest “common” mortgage rate was 5.75%, and nobody would have guessed we would see it drop lower then that, Including the not so liked Freddie Mac. TOday Money.CNN.COM is reporting that the National Average rate for a 30 year fixed loan fell to 4.96% in the week ending Jan. 15, 2009.
The national average rate on the 30-year loan fell to 4.96% in the week ending Jan. 15, down from 5.01% a week ago. That is the lowest on record. Freddie Mac began its rate survey in 1971. A year ago the loan averaged 5.69%.
Adjustable-rate loans also fell. The 5-year, Treasury-indexed hybrid mortgage averaged 5.25%, down from 5.49%. A year ago the loan stood at 5.40% and has not been this low since September 2005. The 1-year, Treasury-indexed ARM averaged 4.89%, down from 4.95%. A year ago that loan was at 5.26%.
The 15-year fixed-rate mortgage, a popular refinancing choice, edged up to 4.65% from 4.62% a week ago. Last year at this time the loan averaged 5.21%. Refinancing activity has been strong as mortgage rates have plumbed historic lows.
