Mortgage Rates At 50 Year Lows

Posted by Gerry Mains - Managing Broker on Friday, August 19th, 2011 at 10:47am.

The New York Times just reported that mortgage rates have hit incredible 50 year lows, which was confirmed by Frank Nothaft, vice president and chief economist at Freddie Mac. "The average rate on a 30-year fixed-rate loan fell to 4.15 percent, with borrowers paying an average point of 0.7 percent ... and the averate rate on a 15 year mortgage fell to 3.36 percent, with an average of 0.6 points."

This should be good news for the battered housing market because lower interest rates make homes more affordable for the substantial numbers of buyers who are getting a home loan. It may also trigger another wave of refinancing which may allow some more homeowners to stay in their homes and reduce future foreclosures.

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