Mortgage Rates Are At 2 Year Lows

The Wall Street Journal is reporting that the national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.1% last week, the lowest rate since Oct 13, 2005.

“Interest rates for U.S. Treasury securities have been drifting lower this month over market concerns that the housing slump and stress in the credit markets could slow future economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economist. “As a result, interest rates for fixed-rate mortgages had room to slip lower this week.”

That news is sure to make somebody happy.

Mortgage Rate Drops to 6.1% [Wall Street Journal]
(Photo:Scott Abelman)

Comments

Edit Your Comment

  1. Saboth says:

    Time to refinance? How low can you go!

  2. protest says:

    yeah, there are great rates out there if you can manage to get approved.

    [www.usatoday.com]

    sorry, don’t know how to put a real link in these.

  3. adrock75 says:

    I hate to do this….

    I think I’ll stick with my 5.5%

  4. ChrisC1234 says:

    It needs to keep going lower… My house is currently fixed at 6.0%

  5. chrisgeleven says:

    Probably sometime next year (when the housing crisis will probably reach its peak) I plan on buying a condo or a house. I hope the low interest rates hold out until then.

  6. tange1 says:

    Keep going, I bought a house but settlement isn’t for months. Here’s hoping it goes in my favor!

  7. pengie says:

    Just locked my new house’s rate in at 5.75. My mother (who has near-perfect credit) and her 6.25 are not amused.

  8. CumaeanSibyl says:

    Isn’t the Fed looking to cut rates again in mid-December? Depending on how far down it goes, I might have to look into refinancing even though we just bought our house this year. It’s not a pressing need, since we have a decent APR, but if we could save around fifty bucks a month on payments that’d be cool.

  9. SteveBMD says:

    Great!! I want to see more dancing cartoon men & women in online advertisements!! And that one with the black woman who thinks she’s dancing alone in her office, then she notices the camera on her? That’s priceless !!!