Oct
14

Refinancing Up As Mortage Rates Continue Slide Down

October 14, 2010

Chicago homeowners, have you refinanced yet? You’re not too late: Mortgage rates have again hit record lows.

According to a Freddie Mac survey released today, interest rates on the most widely used loan, the 30-year fix-rate mortgage, averaged 4.19 percent for the week ending October 14, down from last week’s 4.27 percent.

House with money under itThat 4.19 percent rate is the lowest on record since the giant home finance company started keeping track in 1971.

In fact, Freddie Mac notes that rates haven’t been this low since 1951, though most long-term mortgages back then were for a span of 20 or 25 years.

Back in present day, the 30-year FRM has been under 5 percent now for 23 weeks in a row.

The 15-year fixed-rate mortgage also hit a new record low, falling from 3.72 percent last week to 3.62 percent this week.

The 5-year adjustable-rate mortgage tied last week’s record low of 3.47 percent.

So have you refinanced your mortgage yet? You should.

“Historically low rates have spurred yet another refinancing wave,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Conventional mortgage applications for refinance jumped 24 percent over the week of October 8th to the strongest pace since mid-April 2009, according to the Mortgage Bankers Association.

“By refinancing into this week’s 30-year fixed-rate mortgage, the average homeowner could save over $230 a month in principal and interest payments on a $200,000 loan balance.”

Categories: Economy, Mortgages

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