30-year mortgage rate falls for the ninth week

Sun Jan 4, 2009, 12:05 AM | | Posted in Mortgage



Lower rates and falling house prices are making home ownership more affordable to potential home buyers. For instance, house prices fell 18 percent over the 12-month period ending in October, 2008.

As a result, financial news have it that the number of refinance applications for conventional mortgages jumped over 500% between the weeks ending on Oct. 31 and Dec. 26.

According to Freddie Mac’s weekly survey released on Wednesday December 31, 2008, the average

• 30-year fixed-rate mortgage fell, down to a record low of 5.10% since Freddie Mac’s survey began in April 1971. A year ago, it was 6.07%.

• 15-year fixed-rate mortgage fell, down to a record low of 4.70% since March 25, 2004. A year ago, it was 5.68%.

• 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.57%. A year ago, it was 5.78%.

• 1-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85%. A year ago, it was 5.47%.

Use the below calculator to figure out if you could save money by refinancing:

As always, if you want to be on a path of financial success:

• To invest, find a good financial adviser.
• To be debt-free, find a good credit counselor.

Moral of the story
If you have mortgage that has a higher interest rate than at present, then you might want to talk to your lender about refinancing your mortgage.

What do you think?

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• Fake mortgage you should be aware of

Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.

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