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Mortgage Rates Head Lower Making Another Record

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As the financial crisis hit a high in Europe last week, here in the U.S. mortgage rates headed lower making another all time record. The potential of a Greek default held everyone’s attention even as some positive data was being released for the U.S. economy. By Friday, the results of this turmoil caused low mortgage rates to decrease even further. Freerateupdate.com’s survey of wholesale and direct lenders show that some mortgage rates declined from .125% to .500% bringing most of them once again to historical lows.

With all conforming mortgage rates decreasing by .125%, current 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%. These are the lowest mortgage rates available to well qualified borrowers with 0.7 to 1% origination fee. These low mortgage rate levels are the best for borrowers who are looking at fixed mortgage rates that remain the same for the life of the loan. Every monthly mortgage payment, whether for 15 years or 30 years, remains the same. When mortgage rates hit these low prices, refinancing to a shorter term often results in an affordable monthly payment for a much shorter period of time.

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