Freddie Mac confirms mortgage rates are at historic lows!
December 24, 2008 by admin
Home owners are rushing to lock in refinance mortgage rates at historic low levels. According to a report released today from Freddie Mac, one of the countries largest agency lenders. Fixed mortgage rates have dropped to the low five percent range for the first time since they have been publishing their rate updates. Fixed rate mortgage loans have dipped below five percent, but have moved up slightly off of these record lows. Refinance applications have surged as lenders are reporting a large increase with mortgage applications as home owners look to lock into fixed rates and lower their housing payments.
The housing industry could benefit from the drop with interest rates heading into 2009. The government appears to be committed towards helping to turn around the real estate market and help put a bottom into the dramatic drop in home values. The historically low rates are certainly going to help with this effort to help jump start the housing market rebound.
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