Thirty-Year Mortgage Rates Hit Record Low

Last week, thirty-year fixed rate mortgages hit a historical low of 4.85 percent.

Photo by jencu, courtesy of flickr

This is the lowest rate recorded since the survey began in 1971. The rate is tracked by Freddie Mac’s Primary Mortgage Market Survey.

Even with such an attractive rate, I wonder how many people will be able to take advantage of this. The lowest rate is reserved for borrowers with good credit and adequate cash for a down payment.

Even if people who are looking to buy aren’t able to capitalize on lower rates, this is an opportunity for existing homeowners to refinance at a new lower rate.

Earlier this month, Fannie Mae reported that its refinancing volume grew to over $41 billion in February. This was a huge jump, coming in at over three times January’s volume.

To keep up with rates, visit Freddie Mac’s Weekly Mortgage Market Surveys.