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Fixed rates still falling

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According to Freddie mac, the average 30 year fixed rate loan has dropped yet again, to 4.49%. This is the lowest rate since they (Freedie Mac) started tracking rates back in ’71.

The 15 year fixed sank to 3.95% – down from 4. Again the lowest since tracking began.

That is six drops in seven weeks! Not sure how far it can go or if it will continue – but it certainly is good news if you are one of the lucky ones who are in a position to buy now. Unfortunatly that isn’t a lot of people right now.

Only around 1 1/2% increase in loan applications for home purchases – which is understandable because of the high unemployment and overall economic uncertaintly.

What does surprise me a little is that there was only a 1.3% increase in refinance applications. I would have thought with rates like that, there would be a lot of people who could benifit from refinancing.

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