Friday, June 29, 2012

30-Year Mortgage Rates Fall to 3.66%
Posted by Ed Hughes

Freddie Mac has reported that 30-year mortgage rates fell to 3.66% last week. This was the lowest recorded 30-year mortgage rate on record.

The 15-year mortgage rate also dropped to 2.95%.

Europe and China continue to play an important role in affecting U.S. mortgage rates. In general, what’s bad for the world’s economy is good for U.S. mortgage rates.

Erin Lantz, director of Zillow Mortgage Marketplace, believes the low rates are here to stay for a while. "Over the past couple of weeks, even ostensibly significant events like the Greek election of the Spanish bailout have failed to push rates outside the current range for an extended period of time," Lantz said in a press release. "So, with limited economic news or international events scheduled for this coming week, we think this inertia will remain, keeping rates within the historically low range we've enjoyed for the past month."

If you are considering buying a new home or refinancing, now could be a great time for you. Contact us today to discuss your options.

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