Dallas Mortgage Refinance: Mortgage Refinance Rates Hit Record Low at 4.44%

Dallas Mortgage Refinance: Mortgage Refinance Rates Hit Record Low at 4.44%

http://finance.yahoo.com/news/Mortgage-rates-hit-444-pct-as-apf-2266986134.html?x=0

WASHINGTON (AP) — Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.

The average rate on a 30-year fixed mortgage hit 4.44 percent this week, mortgage buyer Freddie Mac said Thursday. And some brokers say homeowners looking to refinance have even managed to do so for as low as 4 percent.

Still, cheap rates have done little to boost the struggling housing market. Instead, they are highlighting investors’ fears that the rebound is stalling and the country could be slipping back into a recession. Investors are shifting their money away from stocks and into safer Treasury bonds. That is sending Treasury yields lower. Mortgage rates track those yields.

And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac. That move alone is unlikely to push average rates down to 4 percent, said Bob Walters, chief economist at Quicken Loans. But average rates that low are still a possibility if the economic outlook worsens even further.

“The silver lining to a bad economy is that interest rates fall,” Walters said. “If you can lower your debt burden by refinancing, that’s great.”

Interested in taking advantage of the current record low mortgage refinance rates? Give us a call today!

Dallas: 972-325-2120    Austin: 512-996-8194     Houston: 713-589-2244

Dallas Mortgage Refinance Rates as of 08/12/2010
Mortgage Rates                                       Interest Rate  APR
Texas Conforming Home Loans and FHA Home Loans 
30-Year Fixed Mortgage Rates 4.500%     4.686%
30-Year Fixed FHA Mortgage Rates  4.500%     5.233%
15-Year Fixed Mortgage Rates 3.750%     4.069%