Mortgage rates inched down again this week as investors worried about the shaky U.S. economy and kept their eyes on Europe's lingering debt problems.
The benchmark 30-year fixed-rate mortgage fell 3 basis points this week to 4.32 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. This is the lowest level the fixed rate has reached since Bankrate started the weekly mortgage survey nearly 26 years ago. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 4.54 percent; four weeks ago, it was 4.45 percent.
The benchmark 15-year fixed-rate mortgage fell 4 basis points, to 3.44 percent. The benchmark 5/1 adjustable-rate mortgage fell 3 basis points, to 3.07 percent.
Rates are outstanding at this time. Combine that with lower priced homes and the market continues to create great opportunities for buyers. If you are considering a purchase and need an experienced Realtor, please contact me. You will have a fun home search experience.
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