Mortgage rates are at historic lows -there is no better time to buy a home or refinance than right now!
As of Thursday May 27th 2010, mortgage rates have hit historic lows and fallen to the lowest level of the year. Current European turmoil has caused investors to pour money into the safe haven of U.S. government securities. The average rate on a 30-year fixed rate mortgage dipped to 4.75% this week from 4.875% a week earlier. This is the lowest mortgage rates since early December when rates fell to a record 4.71%.
Concerns over the European debt crisis have sent yields for 10-year and 30-year Treasury bonds to their lowest levels of 2010. Rates on 30-year home loans often rise and fall in line with the 10-year note.
A campaign by the Federal Reserve to reduce borrowing costs for consumers pushed rates down to extraordinarily low levels last year. Rates were expected to rise after the program ended this spring. Instead, they have dipped. Fears that Greece’s government would default on its debt shook world markets and boosted demand for U.S. Treasury’s.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
REFINANCE NOW! If your interest rate is currently higher than 6% and you have lived in your home for more than 3 years then please contact us today. Home homeowners that do refinance typically get to skip one months mortgage payment. Start saving and lock in a low rate today!
Contact Lone Star Financing today to speak to a friendly mortgage consultant 1-800-585-6886