Mortgage Rates Hit Record Low

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Mortgage rates fell for the 10th time in the last 13 weeks, tying a record low. Now, if only the economy would cooperate, even more people could take advantage of the low rates by refinancing.

Mortgage brokers are reporting rising interest in home refinancings as rates on a 30-year fixed loans have hit record lows in four of the past five weeks. This week the average rate fell to 4.56 percent, the lowest since mortgage company Freddie Mac began tracking rates in 1971.

Lower mortgage rates improve affordability: The difference between a 6% and a 5% mortgage rate on a $300,000 mortgage, for example, is about $188 a month.

And it's not just 30-year fixed loans. The rate on the 15-year fixed loan, a popular choice for refinancing, dropped to 4.03 percent from 4.06 percent last week. That was the lowest on records dating back to 1991.

What a great time to buy! With housing prices still low and rates like this, buying a home makes much more sense than renting.

Visit my website's Mortgage Center for more helpful mortgage loan information.

Visit my website www.CristinaTheREALTOR.com for your online real estate needs!

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