The rates on 30-year mortgages fell dramatically again last week. They were at the lowest level in the past seven months, primarily due to the government's takeover of the mortgage giants Freddie Mac and Fannie Mae. At the end of last week, Freddie Mac reported in their nationwide survey that fixed-rate mortgages declined to 5.78 percent. This was the fifth consecutive weekly decline, and the lowest level since February 14, 2008.
Depending on the financial institution that you are working with, there are various "windows of opportunities" to take advantage of these strong rates. On a daily basis, these rates can fluctuate, but with careful consideration and maybe a little luck, you can capitalize on a favorable circumstance.