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Mortgage Rates Hit New Record Low

by Amber Hunt on August 2, 2010 in Mortgage Rates

Just when you thought they couldn’t get any lower, 15- & 30-year fixed mortgage rates have hit yet another historic low.

According to data from Freddie Mac’s weekly survey of mortgage rates, interest rates on 30-year fixed rate mortgages averaged at 4.54%, down from the previous week’s rates of 4.56% and 5.25% a year ago. The 15-year fixed rate mortgages averaged at 4%, down from 4.03% in June. These are the lowest recorded rates since Freddie Mac began tracking the mortgage in 1971.

As the stock market begins to show signs of recovery, this might be the last hurrah for these low rates. If you haven’t considered a home loan refinance, you should definitely start thinking about it. Talk to a Home Loan Expert to find out if refinancing makes sense for you before these rates start soaring. And they will. It’s only a matter of time.

Beyond the benefit of an ultra-low mortgage rate and lower monthly payment on your home loan, if you refinance with Quicken Loans you will be entered in our Thanks A Million sweepstakes. In celebration of our upcoming one millionth closed loan, Quicken Loans will pay off the mortgage of one lucky closed client! Close your mortgage with us by December 31st, 2010 and you’ll be automatically entered for a chance to have your loan paid off – up to $250,000. Find out more here and get started today!

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About Amber Hunt

Having perfected the art of karaoke over the last 10 years, Amber is happy to teach you about karaoke etiquette, song selection and how to "jam" on the mic. If karaoke isn't your thing, Amber can also help you with your personal finance woes. Perhaps she'll even do it in song! Whether you're a Material Girl or if you Work Hard For The Money, Amber’s got you covered.

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4 Responses to “Mortgage Rates Hit New Record Low”

PJ Haenelt August 11, 2010 at 4:50 pm #

I am really happy with the service I have received. We just recently refinanced our home loan to get a 5%+ rate. would it be to our advantage to refinance again considering the closing costs?
Amber Hunt August 16, 2010 at 2:23 pm #

Hi PJ -

Each situation is unique. Mortgage Rates are at historic lows and definitely under 5% at the moment. We can have a Home Loan Expert get in touch with you if you’d like. Thanks for reading!
nancy newell September 11, 2010 at 3:32 pm #

do you offer drive by appraisals ?
Amber Hunt September 13, 2010 at 1:26 pm #

Hi Nancy,

We do offer drive by or exterior appraisals for some clients. Please contact a Home Loan Expert today to find out if we can do anything for you. Thanks for reading!