Rate on 30-year mortgage hits record low 3.40 pct.

Associated Press Modified: September 27, 2012 at 11:30 am •  Published: September 27, 2012
Advertisement
;

Still, the housing market has a long way back. Sales and construction rates remain below healthy levels.

And some economists question whether lower rates will make much of a difference. The average rate on the 30-year fixed mortgage has been below 4 percent since early December. So most people who can qualify have likely already taken advantage of the lower rates.

Many people who would like to refinance or buy a home can't because they fail to meet stricter lending requirements or don't have enough money to make a down payment.

To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year loans was 0.6 point, unchanged from last week. The fee for 15-year loans also held steady at 0.6 point.

The average rate on one-year adjustable-rate mortgages dipped to 2.60 percent from 2.61 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point.

The average rate on five-year adjustable-rate mortgages fell to 2.71 percent from 2.76 percent. The fee remained at 0.6 point.


Trending Now


AROUND THE WEB

  1. 1
    Tulsans flock to official groundbreaking for A Gathering Place
  2. 2
    VIDEO: FSU's Jameis Winston sent to locker room by Jimbo Fisher after dressing out for Clemson game
  3. 3
    Big 12 football: K-State's Snyder among nation's most underrated coaches in ESPN poll
  4. 4
    Texas A&M fan wearing what appears to be a chain mail jersey
  5. 5
    Satanic black mass seeks to free people from influence of God, organizer says
+ show more