Average 30 year fixed mortgage rates have fallen to historic lows; 4.41%. Many Lund Team clients have reported securing fixed rate loans even lower lower (4.1%-4.25%) depending on their individual situation.
There is much discussion about the future of low mortggae rates. Many economists argue that we should expect an extended period of low mortgage rates as the economy contracts during a recession.
Our local mortgage contacts report heavy volumn in #'s of property refinances.
The 15-year fixed-rate rose 5 basis points to 3.63 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.94 percent, up 5 basis points from last week.
The 5/1 ARM fell 3 basis points to 3.12 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
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