Lowest 30-year fixed mortgage rate EVER!

MSNBC.com staff and news service reported this week that on 2/2/2012, the country experienced the lowest average rate on the 30-year fixed mortgage rate since records have been kept, creating a tempting target for people to refinance their homes.

Freddie Mac said Thursday the average rate on the 30-year fixed mortgage hit 3.87 percent, down from 3.98 percent the prior week. That’s below the previous record of 3.88 hit two weeks ago.

The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.

Mortgage rates have hovered near 4 percent for the past three months, and have perhaps contributed to a slight improvement in the housing market. But many homeowners remain underwater and the pipeline of foreclosures continues to be huge, putting heavy pressure on housing prices. High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years. Nevertheless, if you have not refinanced your home mortgage yet, now is the time to do so…and please call me if you are thinking about moving up in price point on your home, as there are some nice properties on the market right now that you might be able to leverage with the new lower rates……Aloha, Jon.

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