Low Mortgage Rates Are Sticking Around
Wednesday, December 10th, 2008Rates for a 30-year fixed mortgage remain low today, this morning they were at 5.37%, according to Zillow Mortgage Marketplace. After a couple weeks of steady declines, how much lower will it go? At one point last week, they hit a low of 5.10%!
After investigating the rates we noticed how much lower than they were even a month ago. Check out this chart:
Weekly average rates for 30-year fixed mortgages also fell last week from 5.53 percent the week before to 5.34% last week. The weekly average mortgage rates are even lower in some states. The good news is that the rates here in the San Francisco bay area have been lingering, and if you’re on the market for a new home, you may be in luck.
The Wall Street Journal is reporting that the Treasury Department is flirting with the idea of 4.5%, but our analysis behind the headline sheds doubt that for the 4.5% to happen, a lot of other things need to happen first. So, if you are in need of a mortgage, check with your lender to see what rates are in your area.
