Mortgage Rates Hit New 50 Year Low-August 18, 2011
Posted by Erika McCann on Friday, August 19th, 2011 at 8:00pm.Mortgage rates reached record lows this week, according to the weekly market survey from Freddie Mac. The average rate on a 30-year fixed-rate loan fell to 4.15 percent, with borrowers paying an average point of 0.7 percent. That rate is down from 4.32 percent last week.
It is “the lowest in over 50 years,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a news release. The survey’s previous low was 4.17 percent in November 2010.
Average fixed rates for 15-year mortgages were already in three-point territory and this week they dropped even lower, to 3.36 percent, with an average of 0.6 points. Rates on adjustable-rate loans fell too.
With the great Houston market, now is the time to buy that perfect home!
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