The average rate on the 30-year fixed mortgage hovered above its record low for a sixth straight week. Which begs the question, why isn’t everyone taking advantage of this?
Freddie Mac said Thursday the rate on the 30-year home loan ticked down to 3.99 percent from 4 percent the previous week. It dropped to a record low of 3.94 nine weeks ago, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage was edged down to 3.27 percent from 3.30 percent. Nine weeks ago, it too hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year.
It’s the time to strike. Sales of previously occupied homes are ahead of last year's sales figures. The amazing advantage these low rates offer are obvious and people are taking advantage.
Some lenders say they are also seeing an increase in applications through the Obama administration's refinancing program, which was broadened in October to allow up to 1 million more homeowners lower their monthly mortgage payments.
What are you waiting for? Make your move.
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