MORTGAGES: 30-year rate is a low
December 27th, 2008
Rates on 30-year fixed-rate mortgages fell to a record low for the second week, causing refinancing applications to surge to the highest level in more than five years.
Freddie Mac said average rates on 30-year fixed-rate mortgages dropped to 5.14 percent, down from the previous record of 5.19 percent last week. The rate was the lowest since Freddie’s weekly survey began in April 1971 and the eighth straight decline.
Meanwhile, the Mortgage Bankers Association said its application index surged 48 percent in the week ended Dec pay day loan. 19 to 1245.5. Total applications and refinance activity were at their highest levels since July 2003.
Filed under: money by Fred