Freddie Mac's Primary Mortgage Market Survey (PMMS) indicates average 30 year fixed rate mortgages dropped to another low of 4.36 percent with 0.7 points. This is another small decline from last week's 4.42 percent and well below this time last year when average 30 year fixed rate mortgages were 5.14 percent. The 15 year fixed rate mortgage average ticked up a little to 3.86 percent with 0.6 points from last week's 3.90 percent. Last year's 15 year fixed rate mortgage average was 4.58 percent.
Americans bought fewer existing single-family homes in July since 1995 and the least number of new homes on record for one month. Even with historically low rates, Americans are not feeling confident enough to make the leap into home ownership. Without a job market recovery, the housing market is expected to continue to lag well below normal until at least spring 2011. You might not want to buy a new home, but are you considering refinancing your existing mortgage?
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.by Staff Writer