Mortgage Interest Rates Hit 50-Year Low!

Despite these record low mortgage interest rates, why aren’t I making more money with this website?

Judging by my advertising revenues, there’s little demand for mortgage customers right now. Lenders aren’t shelling out big backs to advertise. They’re probably keeping interest rates a little higher than they need to be to restrict volume so they don’t get flooded with mortgage applications and have to hire new workers in this uncertain economic environment.

The New York Times reports:

Back in June, in a post about adjustable-rate home loans, Bucks mused about how nice it would be to have a mortgage interest rate that began with a “3.” The way things are going, that time may not be far off for fixed-rates loans, as well.

Mortgage rates reached record lows this week, according to the weekly market survey from 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. That rate is down from 4.32 percent last week.

It is “the lowest in over 50 years,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a news release. The survey’s previous low was 4.17 percent in November 2010.

Average fixed rates for 15-year mortgages were already in three-point territory and this week they dropped even lower, to 3.36 percent, with an average of 0.6 points. Rates on adjustable-rate loans fell too.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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