Mortgage rates hit new record lows

Mortgage rates are at all-time lows, there is not doubt about that. It’s a great time to buy and contrary to popular belief, it’s not hard to qualify for a loan if you can prove your qualifying income via W2’s or tax returns.

Freddie: 30-year fixed-rate mortgage at record low

Treasury-indexed ARM rates more than a percentage point lower than a year ago

By Ruth Mantell, MarketWatch

WASHINGTON (MarketWatch) — The 30-year fixed-rate mortgage has hit a record low, ticking down to an average 4.57% in week ended July 8, compared with 4.58% in the prior week, Freddie Mac reported Thursday.

To obtain the latest rate, the mortgage required payment of an average 0.7 of a point. A point is 1% of the mortgage amount, charged as prepaid interest.

The year-ago average for the 30-year fixed-rate mortgage stood at 5.2%.

Read the rest of the story here: Mortgage rates hit new record lows Mortgages – MarketWatch.

Enhanced by Zemanta

, , , ,