Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Home Loan Rates Match and Break Record Lows

Dropping rates

mortgage ratesIt is reported today that last week’s 30-year mortgage rates dropped to 4.78%, matching the record low which was set in April while the 15-year home loan rate fell to 4.29%, its lowest rate since Freddie Mac began recording data.

“Interest rates for 30-year fixed-rate loans are currently 0.8 percentage points below this year’s peak set in mid-June, which shaves roughly $100 off the monthly payments on a $200,000 mortgage,” Freddie Mac chief economist, Frank Nothaft said in a statement.

Mortgage Planner, Dan Green said, “mortgage rates, like everything else, are cheap this holiday season and should stay that way so long as shoppers stay home.”

Last year at this time, the 30-year mortgage rate averaged 5.97% and the 15-year rate was 5.74% according to Reuters, leaving some speculating that rates will continue to slowly decline.

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

9 Comments

9 Comments

  1. Ken Montville

    November 26, 2009 at 9:20 am

    IMHO, low rates, more than any time-limited tax credit, will continue to encourage home ownership. Low mortgage rates combined with affordable home prices (tied to geographic location) will make home ownership attractive and affordable.

    The other half of low mortgage rates, though, is the banks’ willingness to lend. Everything being equal if potential home buyers that are financially qualified to get a mortgage at these great rates can’t get to the money, it almost doesn’t matter.

    Banks need to loosen up just a tad.

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business Finance

(FINANCE NEWS) Kabbage offers lines of credit between $2,000 and $100,000 for small businesses, even Realtors. Ready to hire more support team members but...

Housing News

CFPB was created by the Obama administration in 2011 to protect consumers, and immediately sought out ways to "bubble-proof" America, starting with mortgage disclosure...

Housing News

Accounting for the Veteran's Day holiday, mortgage applications actually fell for the week, but there is a silver lining when it comes to purchase...

Housing News

As the government has been shut down, mortgage application fell and uncertainty continues.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.