A couple of weeks ago we posted a blog
determining that the 30-year mortgage rates
plummeted to 3.62% and despite these record findings things have
showed no signs of slowing down; but literally are going down. Just
in February of 2012 it was also shared in a blog
discussing the most severe record low of 3.66% that has never been
achieved. This percentage, seen on the 7th of February to be exact,
soon went up to 3.72% where it hovered around for quite some
time.
Currently, Freedie Macs survey of what lenders offer their
borrowers stated that the 30-year mortgage rates are at 3.53% which
is also down from 3.56%, also a record low, and where the average
rate was at within the past two weeks. In addition, in terms of the
15-year fixed mortgage, this has dropped from 2.86% down to 2.83%.
This is also a decline from where it stood at 2.89% as of the
beginning of the month of July as well which in its own right was a
new record low. Furthermore, it should be noted that even for the
5-year hybrid loans, they followed the trend by hitting a record
bottom for their starting rate, down from 2.74% to 2.69%.
Overall this was the twelfth week out of the past thirteen when
a new record low has happened. It is a time where things are moving
at a fast pace from the improving numbers in the Real
Estate sector to the combination of the mortgage and
interest rates continuing to drown. There is no telling as to how
much farther down these numbers can fall. The Federal Reserve has
been aggressively in pursuit of these lower rates however there
still is no strong inclination of inflation in the economy as of
yet. Time will ultimately be the determining factor, as it so often
is in these industries.
More Information: Los Angeles Times