rates drop: Interest Rates Are Coming Back Down
- 07/20/09 09:56 AM
Mortgage rates fell to the lowest level since May as home-loan refinances surged. Rates had reached record lows of 4.5% for a 30yr fixed rate loan in April until the end of May where they spiked over 1½% in two days time. Since then they've slowly edged back down - Today the average 30-year rate fell to 5.14 percent, down from 5.20 percent. The 15-year rate was 4.63 percent. Some more technical data: - Overall home loan applications rose 4.3 percent this week: * Purchase applications fell 9.4 percent * Refinance applications rose 18 percent - The global mortgage crisis has cost the world's financial firms almost $1.5 trillion in losses so far. - … (5 comments)
Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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Mortgage rates fell to the lowest level since May as home-loan refinances surged. Rates had reached record lows of 4.5% for a 30yr fixed rate loan in April until the end of May where they spiked over 1½% in two days time.
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