Friday, October 7, 2011

30-year FRM below 4% for first time ever

The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.
For those who can qualify, it’s an extraordinary opportunity to buy a home or refinance.
Mortgage rates are now lower than they were in the early 1950s, when the average rate reached 4.08 percent for a few months, according to the National Bureau of Economic Research. Back then, mortgages typically lasted just 20 or 25 years.

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