January 24, 2008
Mortgage rates lowest since March 2004
Mortgage rates have dropped for the fourth week in a row, plummeting to its lowest level since March 2004.
The average 30-year fixed mortgage rate is now 5.57 percent with an average of 0.33 discount and origination points, according to Bankrate.com's weekly national survey of lenders.
Adjustable mortgage rates fell even further, with the average one year rate down to 5.41, as the rates plunged after the emergency interest rate cut by the Federal Reserve. It is believed the cuts by the Federal Reserve will benefit homeowners, who will be able to remain current on loans and avoid foreclosure. With fixed mortgage rates dropping as well, many homeowners may look towards refinancing or locking in at an affordable rate permanently.
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