Freddie Mac's Primary Mortgage Market Survey (PMMS) indicates average 30 year fixed rate mortgages dropped to another low of 4.37 percent. This is another increase from last week's 4.35 percent but well below this time last year when average 30 year fixed rate mortgages were 5.04 percent. The 15 year fixed rate mortgage average dropped to 3.82 percent from last week's 3.83 percent.. Last year's 15 year fixed rate mortgage average was 4.51 percent.
These low mortgage rates have persisted since the spring, after the tax credit expiration low rates. However, the small increase in the 30 year rates is likely due to a trickle of good economic news from August, with an increase in retail sales and factory output, a decrease in first-time jobless benefits. Home sales are still at record lows, with new home loan applications dropping by 9 percent last week, and foreclosures continue to increase in many areas. You might not want to buy a new home, but are you considering refinancing your existing mortgage to take advantage of these historically low rates?
Check with your local credit union to get a better rate on your mortgage and potentially save thousands in the long run. Credit Unions have money to lend, whether you are looking to refinance or get a first mortgage. Check with your local credit union for your mortgage loan. You will get personal service and very competitive rates. And since your credit union is local, you can talk to someone who probably lives in the same town as you. Your credit union is not going anywhere, so you can get assistance even after closing on your home. Think you might be about ready to jump into the home buying process? Try our Mortgage Loan Calculator to get an idea of what your mortgage payment could cost you each month.by Staff Writer