Freddie Mac’s Primary Mortgage Market Survey found that mortgage rates were more or less unchanged last week. The average rate on a 30-year fixed rate mortgage rose one basis point from 4.49 to 4.50 percent. 15 year fixed rate mortgages dropped from 3.68 percent to 3.67 percent, while the average rate on a 5/1 ARM fell from 3.28 percent to 3.27 percent. The rate on one year ARMs rose from 2.95 percent to 2.97 percent.
Rates are at their lowest point since last Winter, and are starting to approach the all-time lows set last Fall. As the situation in Europe continues to deteriorate, we could potentially see rates test their all-time lows in the coming weeks. Trying to predict where rates will be in the future is largely a fool’s errand, but it is easy to envision a scenario that pushes bond yields lower and lower as fears of debt contagion spread.
In any case, if you missed out on refinancing your mortgage last year, now may be the time for you to lock in significant savings. Total Mortgage is known for having some of the lowest rates in the mortgage industry, and we may be able to help you save lots of money on your monthly payments. Call us today to find out what separates us from other mortgage companies. Start planning for your future today.
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