Mortgage Rate Trend Index
Don’t expect further drops in the mortgage rate over the next 30 to 45 days. Most experts (80 percent) polled by Bankrate.com last week expect an increase. The rest split evenly, with 10 percent predicting no change, and 10 percent expecting a decline.
McLEAN, Va. – Nov. 30, 2009 – Average rates for 30-year fixed mortgages fell last week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.
Rates for 30-year mortgages averaged 4.78 percent last week, down from 4.83 percent the previous week and equaling the record low reached the week of April 30.
Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.
Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.
via 30-year mortgage rates sink, match record low.
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