30 Yr Fixed Rate Mortgages Post their Lowest Level This Year

Mortgage rates continued their steady fall this week, posting their lowest level this year. The drop was largely attributed to the turmoil affecting the world’s financial markets. Mortgage rates often reflect movements in the yield of long term treasury bonds.

Average rates for 30 Yr Fixed Rate mortgages slid to 4.78 percent, the lowest since December when they were at 4.71 percent. 30 YR FRMS continued their downward spiral, shedding some percentage points from the previous weeks 4.84 percent. This is certainly music to the ears of families looking for the best housing deals in the market.

Homebuyers are advised to move in on these deals as mortgage rates may not remain low for long.  An improving economy and stock market may shift investors back into the stock market, which in turn could raise mortgage rates back up. The window for locking in on these mortgages may not open for a long period as this is brought about by factors which are outside the housing market.

Homeowners hoping to avail of the government refinancing program are also being urged to take advantage of the low mortgage rates. Applications for mortgage refinancing grew to their highest level in 7 months as homeowners hoping to reduce their payments take advantage of the drop in mortgage rates.

Home sales seem to be cooling down even as mortgage rates have been steadily sliding down. This may due to the fact as some of the popular government programs like the Tax Credit program which has been fueling the resurgence of the housing market ended. Its role in the housing markets recovery as applications for home sales surged prior to the programs end.

Reported by REOProteams

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