Current Mortgage Rates
According to Freddie Mac, current mortgage rates have changed very little recently. During week ending April 29, 2010, the average 30-year, fixed rate mortgage (FRM) was 5.06%, compared with 5.07% for the previous seven days.
The Mortgage Bankers Association (MBA) pretty much concurs, although its figures varied a little because they reflect a slightly different period: week ending April 23, 2010. The MBA says that the current mortgage rates for a 30-year FRM then averaged 5.08%.
One thing's for sure. Americans still have access to some of the lowest mortgage rates in history.
Lowest Mortgage Rates for Months to Come?
Those lowest mortgage rates certainly won't last forever, but they may well be around for a few more months. Details of the March meeting of the Federal Reserve's Federal Open Market Committee were published April 28, and these say:
The Committee... continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
In other words, they've no immediate plans to raise rates.
Property Market Recovering?
April 28 also saw publication of the Prudential Real Estate Outlook Survey. This contained many pieces of good news for homeowners, including:
- The end of the home buyer tax credit is unlikely to affect the housing market much
- Nearly four times as many consumers think that property prices in their area will rise over the next year than think they'll fall
- A fifth think that prices will increase "substantially" over the next five years
- Three-quarters of renters think home ownership would be a better long term choice
- Three-quarters of consumers think home ownership is a better investment than stocks or bonds
- Very nearly three-quarters think it's a better investment than mutual funds or savings accounts
There was yet more welcome news from Freddie Mac, this time in the area of refinancing. Its latest Refinance Report (yet another April 28, 2010 publication) says that those who refinanced in the first quarter of 2010 will save in total a staggering $2 billion in the first 12 months of their new loans. And, of course, those refinance deals will go on delivering savings year after year.
Congratulations if you've refinanced recently. If you haven't, and you think you're paying too much, check out current home refinance rates. And don't forget you can get a competitive mortgage quote for refinancing or a purchase here.