Mortgage rates have fallen to their lowest level in six decades as homeowners and homebuyers alike took advantage of these mortgage rates according to the Mortgage Bankers Association.
The 30 year fixed mortgage rate fell, week over week, from 4.89 percent to an average contract rate of 4.63 percent. The 4.63 percent 30 year fixed rate is the lowest recorded by the Mortgage Bankers Association since it began its weekly survey in 1990.
The 15 year fixed mortgage rate also fell, week over week, from 4.52 percent to an average contract rate of 4.52 percent.
Finally the one year adjustable mortgage rates, the only rate to increase, jumped up from 6.20 percent to an average contract rate of 6.22 percent.
Mortgage applications surged 32.2 percent as mortgage rates have become very beneficial for homeowners and homebuyers. The refinance index alone increased an amazing 41.5 percent while the purchase index increased a slight 3.9 percent.
Of all the mortgage applications submitted over the past week, 78.5 percent of those applications were from homeowners looking to refinance their homes and take advantage of saving hundreds if not thousands of dollars on their home loans.
For more mortgage rates and mortgage news visit Future Planning Financial at www.fpf-direct.com.
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