After touching the lowest levels on record before Thanksgiving, rates are now about .1% higher than that. The attached chart shows rates from December 2009 back to April 1971, when Freddie Mac started officially tracking 30 year mortgage rates. The high was in October 1981, when borrowers paid an average of 2.3% points to buy a rate down to 18.45%. The low was November 25, 2009, when borrowers averaged 0.7% points to buy a rate down to 4.78%—note that 4.78% with 0.7% points was also achieved April 2 and April 30, 2009. These are rates on conforming loans up to $417,000 for single family homes with 20% or more equity in the property.
Mortgage interest rates have been, and continue to be, some of the lowest interest rates in recorded history…Contact Julian or I, to discuss why now could be the best time for you to buy.
