30 Year Fixed Mortgage Falls to 3.94 Percent for the first time ever!

October 6, 2011
2 min. read time

BASED off of Average Rates

For all those who qualify and in the market for a Home Mortgage Loan, there is an amazing chance to buy a home or refinance with Valley West Mortgage. It has even been said that Mortgage Rates could fall even lower then 3.94 (The AVERAGE RATE) since "the Federal Reserve plans to reshuffle its portfolio of securitues to try and lower long-term rates", according to a recent article written by & posted by MSNBC.com.

Freddie Mac released a statement that said " The Average Rate on a 30-year fixed mortgage dropped from 4.01 percent last week, which was the previous low. The Average rate on a 15-year fixed loan, one of the most popular refinancing options, fell to 3.26 percent, making that a record low as well. Rates would have to drop a full point more for Americans who have already refinanced in the last could years, to do so again.

What does this all mean?

A drop in mortgage rates will provide a a boost in the economic stuggles this country is currently facing, if more Americans could refinance . When People refinance at a lower rate, they pay less interest on their loans and have more money in their accounts. That is what everyone wants right?

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