The average interest rate on new 30-year fixed-rate mortgages was 4.44% for the week ended Thursday, according to mortgage giant Freddie Mac, which said mortgage rates were lower than at anytime since it began tracking them in 1971. This week's rate was down from 4.49% a week earlier and 5.2% in early April.
-Friday's WSJ, Article entitled "Low Rates Finally Sparking Refinancings"
Today’s record-low mortgage rates offer stunning and unexpected bargains. If you have thoughts of buying or refinancing, it’s worth shopping around now.
-AIER Research Report entitled "Is It Time to Refinance Your Mortgage?"
In this upside down economy, pregnant with inflation, borrowing becomes a virtue. (Plus home prices are down!) At least one expert is concerned that the rates are so low.