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Thirty-year fixed mortgage rates have declined significantly in recent weeks, down from 6% on 11/20 to 5.28% as of yesterday. The Fed is definitely happy to see rates fall, and they've still got further to go to get to the 10-year record low of 4.88% seen in 2003.
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Time for Obama to step in,an "change" the 30yr to 4 an 1/4.....we can only "hope"....
Posted by: dj | December 18, 2008 at 01:19 PM
My bank is offering 30-yr fixed refi at 4.875%. with about $1500 in refi costs.
They are also expecting rates to fall as low as 4% after the first of the year.
Posted by: San Fran Sam | December 18, 2008 at 01:35 PM