Mortgage rates continue to slide downward. The 30-year fixed rate mortgage has dropped, hitting a record low for the third week in a row. Freddie Mac, the second largest mortgage finance company, published a report this morning showing the lowest average rate on the 30-year fixed since they began tracking the rate 39 years ago.
The unbelievable low rate trend has been great for homeowners looking to refinance their mortgage. Despite these record low rates, home purchase loans have remained on the decline since the expiration of the first time home buyer tax credit.
Experts attribute these dropping rates to concerns about the economy, which has led investors to put their money into Treasury securities. No matter what the reason, one thing is clear: these are the lowest mortgage rates in history. If you’re on the fence about your home refinance or purchase – the time to act is now!