Dallas Refinance: Dallas mortgage rates plummet on debt deal news

Dallas Refinance: Dallas mortgage rates plummet on debt deal news

http://www.bankrate.com/finance/mortgages/mortgage-rates-plummet-on-debt-deal-news.aspx

Dallas mortgage rates plunged this week as the debt ceiling deal was overshadowed by fear of a second recession in the United States and the threat of another global financial crisis.

 The benchmark 30-year fixed-rate mortgage fell 20 basis points this week, to 4.54 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 4.66 percent; four weeks ago, it was 4.79 percent.

The benchmark 15-year fixed-rate mortgage fell 15 basis points, to 3.68 percent. The benchmark 5/1 adjustable-rate mortgage fell 11 basis points, to 3.23 percent.

This is the lowest rate on the 30-year fixed in more than eight months. In Bankrate’s survey from Nov. 22, 2010, the 30-year fixed was 4.58 percent. Prior to that, on Nov. 3, 2010, the rate was 4.42 percent, which ties the record low in the nearly 26-year history of Bankrate’s weekly mortgage rate survey, which was set two weeks prior, on Oct. 20, 2010.

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