Good news for home owners. According to Freddie Mac, mortgage interest rates are lower this week by 3.39% compared to 3.41 %last for strong borrowers over a 30 year period.
Refinancers looking to pay off their housing debt faster also saw a drop to the 15-year fix mortgage rate from 2.72% last week to 2.7% this week.
What’s also low are rates on variable mortgages.
If you’re planning on getting a mortgage this year there is good and bad news. Rates will remain low, but people borrowing might have to pay more for mortgages this year
However, conventional mortgages are set to go up with certain fees.
But let’s get back to the good news: Even with the added costs, if rates do remain low, or drop further — yes, some experts say they might get even lower in coming months — they should still be attractive to borrowers seeking to refinance into lower rates and for those looking to buy.
The Mortgage Bankers Association forecasts mortgage rates to hover around 4.1 percent in the first half of the year and rise slightly, to about 4.2 percent, in the third quarter of 2012 and to 4.4 in the fourth quarter.
Just remember that rates are not set in stone and the world economy affects the numbers.
Check out the LA Times for more info:http://www.latimes.com/business/money/la-fi-mo-mortgage-rates-20121101,0,434665.story
