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It’s that time again, Zing! readers… I know you’ve been waiting all week for our regular Thursday check in with Freddie to see how mortgage rates are headed.

So – without further ado, allow me to be the first to tell you: almost nothing has changed! That’s right, if mortgage rates were your favorite sitcom, this week would be a rerun. However, it’s actually a pretty exciting rerun, because it’s your favorite episode of all time. That’s because mortgage rates remain near historic lows, continuing the trend that makes NOW one of the best times ever to get a loan. Ever. Did you get that part? “Ever.”

Freddie Mac’s weekly Primary Mortgage Market Survey® (PMMS), showed that 30-year stayed exactly the same as last week, while 15-year fixed mortgage rates have dipped down again, and the 5-year ARM continues to break records – as if it were some Emmy-winning, Simpson’s-like mortgage product that just won’t stop.

According to this week’s PMMS, lenders across the nation averaged 30-year fixed rates of 4.22 percent with 0.7 points – holding steady from last week. The 15-year fixed averaged 3.39 percent at 0.6 points, down from 3.44 last week. The average on a 5-year ARM was 2.96 percent with 0.6 points – finally breaking the 2 percent barrier – down from 3.07 last week.

“Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows.” said Frank Nothaft, vice president and chief economist of Freddie Mac.

Nothaft delivered more grim economic news, adding, “The economy grew at a slower rate of 1 percent in the second quarter  than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board.”

These rates also fall on the heels of less-than-stellar housing market news: the S&P/Case-Shiller® National Index fell 5.9 percent between the second quarters of 2010 and 2011. If you look back, this is largest yearly decrease since the third quarter of 2009. And July’s pending sales of existing homes fell for the first time since April 2011, at a monthly rate of 1.3 percent.

But, the weird irony of the financial world is that what’s bad news for the economy is good for those looking to refinance or buy a new home. Low rates have landed in your back yard, and this is a great time to grab them before they fly away.

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