Wow!!!! 30-year fixed rate mortgage loans dipped to an all time low today at 4.69%. That is the lowest level since Freddie Mac began tracking rates in 1971.
Rates on 15-year loans fell to an average of 4.13% . Five year, adjustable rate mortgages averaged 3.84%…also the lowest on record, but that year was 2005 when Freddie Mac began tracking ARMs.
The ntional average for points, the fees added to a mortgage, were between 0.6 and 0.7 depending upon the mortgage product chosen.
As a rule of thumb, mortgage rates tend to track yields on long-term Treasury debt. Investors have recently become leary of turbulent stock markets and the European debt crisis, thus seeking the safety of Treasury bonds which, in turn, drives down yields.
And for all of you shopping mortgages in the Steamboat Springs, CO, area, one of the local banks sent out a new rate sheet today with a 30 year fixed rate at 4.375% for a conventional loan, 4.49% agency jumbo, and a 3.325% 5/1 ARM.
Anne Mayberry 970-846-1425