Dallas Mortgage Refinance: Mortgage Rates for 30-Year Fixed Decline to Record 4.36%

Dallas Mortgage Refinance: Mortgage Rates for 30-Year Fixed Decline to Record 4.36%

http://www.bloomberg.com/news/2010-08-26/mortgage-rates-for-30-year-loans-decline-to-record-4-36-freddie-mac-says.html

Bloomberg.com reports that mortgage refinance rates fell to a record, extending a two-month tumble in borrowing costs for homebuyers as property demand slumps.

The average rate for a 30-year fixed mortgage dropped to 4.36 percent in the week ended today from 4.42 percent, Freddie Mac said in a statement. That was the lowest since the McLean, Virginia-based mortgage finance company began compiling the data in 1971. The average rate for a 15-year fixed mortgage was 3.86 percent.

Mortgage rates have set or met a record for 10 straight weeks as concern of a faltering economic recovery spurred demand for bonds including those backed by home loans. Low borrowing costs have yet to spur home sales, which are being depressed by unemployment and the end of a federal homebuyer tax credit.

“In terms of affordability, the mortgage market is going to be good for the housing market,” Paul Dales, U.S. economist for Capital Economics in Toronto, said before the report.

Whether you’re interested in a mortgage refinancing or a new home mortgage loan, we’re available to help. We’re a local Dallas mortgage lender that’s been helping people all over Texas accomplish their mortgage refinance goals! Give us a call today!

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