Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.
The Mortgage Bankers Association’s Michael Fratantoni said the group expects that rates “will begin to rise as the economic situation improves along with jobs.”
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Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)
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