Friday, August 27, 2010

Mortgage Rate Lows Set Another All-time Record.

By Troy Corman,

Mortgage rates set another all-time low for the August 20 end of week. According to Freddie Mac's weekly survey of mortgage rates, the 30-year fixed rate mortgage averaged 4.36%, which was down slightly from the previous week's average of 4.42%. This marks the lowest level for the 30-year rate since 1971, when Freddie began tracking the rates.

The 15-year fixed-rate mortgage came in at 3.86%, down from the previous week's 3.9%.

On average, the 30-year borrower had to pay 0.7 points, or upfront interest to get the record low rate in the 30-year mortgage. The 15-year mortgage borrower payed on average, 0.6 points. A point is 1% of the mortgage amount and is charged as prepaid interest.

If you would like some references for Dallas and DFW area mortgage brokers, whether you're buying or refinancing, contact Troy Corman at 214.690.9682.

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