Friday, October 09, 2009

Tribune: Mortgage rates decline

This drives me nuts... I should have just went ahead and offered on a house in Wilmette we looked at two weeks ago (pictured here). Mint condition, a huge master suite addition and a terrific yard. Turns out we are not "ready" for that just yet. And trying to sell our place with the kids right now is more than we can take!

The rates and lower home prices in good locations are making it hard for me to just settle down in my current home. I can't help myself.

From the Chicago Tribune:

Average rates for 30-year home loans stayed below 5 percent for the second consecutive week, kick-starting refinancing activity, Freddie Mac said.

The average rate on a 30-year fixed mortgage was 4.87 percent, down from 4.94 percent last week, the mortgage financing giant said. The last time rates for 30-year home loans were lower was the week ending May 21, when they averaged 4.82 percent.

This week's average rate remained slightly above the lowest level on record, 4.78 percent established in the spring. Last year at this time, the 30-year fixed-rate mortgage averaged 5.94 percent.

Meanwhile, refinance applications climbed 18 percent from last week, the Mortgage Bankers Association said.

1 comment:

Brian Cumpton said...

Adjustable Rate mortgages (5 Year Arm's) are in the high 3's - which is the first time since 2003. If you plan to be in your property for less than 5 years - the 5 year Arm is back and is a great option!