If you are thinking of buying a home in the next year, do it now! Mortgage rates can only go up.
Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971, from 4.32 percent last week.
A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent last week, and the one-year ARM dropped to 3.40 percent this week from 3.48 percent.
Source: Chicago Sun-Times (10/08/10)
