Mortgage Rates Down…Again

Mortgage rates continued their downward trend over the last few weeks and are down an average of 1.2 points since November 1, 2008. The last time they were this low was in 2003, which was near 40 year lows.

Though the graph above shows the average 30 year fixed rate mortgage at 5.20 percent, I've had several buyers with excellent credit get sub-5 percent rates. One buyer client was quoted 4.875 percent with no points and another was quoted 4.625 percent with .25 points within the last 2 weeks (both were through Darran Anthony of Suntrust Mortgage in Loudoun County).

Though the Fed would love to see rates at 4.5 percent, I don't think that'll happen (without points). The Fed has fired their last shot by lowering their fund rate to pretty much zero and it can't go negative. What you see right now is probably at or very near the bottom so take advantage of it if you can.

Photo credit: BankRate.com

Mortgage Rate Round Up – June 21, 2008

Average rates on 30-year fixed mortgages in Northern Virginia fell slightly to 6.24 percent on Friday (basically even with last week). The mortgages in the survey had an average of 0.51 discount and origination points.

The highest rate on a 30-year fixed mortgage was found at two institutions that charged 7.000 percent. The lowest rate was found at four institutions that charged 5.750 percent. Six months ago, the average rate was 5.80 percent.

Source: Bankrate.com