Friday, April 03, 2009

Second Week of Lower Mortgage Rates

Yes, mortgage rates are still feeling the pinch of the economy. National statistics indicate an increase in home purchases (read: National Association of Realtors - pending home sales increase in February), however we are hearing from home buyers that they are looking for value, and many are on the sidelines for personal reasons. Among the reasons we are hearing are job insecurity, waiting for the "bottom", working to improve their credit rating and to save more money to meet lender loan requirements.

Bankrate.com reports that for the second week in a row, mortgage rates are at a record low (dating from when Bankrate.com started their rate survey). As reported, "The average 30-year fixed-rate dropped 6 basis points, to 5.13 percent...One year ago, the 30-year fixed was 6.12 percent; four weeks ago, it was 5.41 percent."

Read more about current rates here: Bankrate.com April 2 interest rate roundup

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