Rates on 30-year mortgages dropped for a fourth straight week to the lowest level in almost four years, raising hopes that low rates will help spur a rebound in the hard-hit housing industry.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.48 percent last week, down from 5.69 percent the previous week.
It was the fourth consecutive decline and the third straight week that rates have been below the 6 percent level. The new rate marked the lowest point for 30-year mortgages since they averaged 5.40 percent the week of March 25, 2004.
Economists attributed the decline to further weak news on the economy, combined with the biggest reduction of a key interest rate by the Federal Reserve in more than 20 years, a move that has raised hopes the Fed will be making more rate cuts as it steps up its efforts to combat a threatened economic recession.
Other types of mortgages also showed declines last week. Rates on 15-year mortgages, a popular choice for refinancing, dropped to 4.95 percent from 5.21 percent last week. Rates on five-year adjustable-rate mortgages declined to 5.13 percent from 5.40 percent, while rates on one-year ARMs fell to 4.99 percent from 5.26 percent.
In conclusion all we can say is hurry and call us today so we can help you take advantage of this great financial market.
Brian Malcolm & Monica Manocha Re, CMRS
The Malcolm & Manocha Group
http://www.mmgproperties.com/
Direct: 408 399 1495 or Cell: 408 930 5623
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