This past week saw, once again, if you will pardon the expression, "historic lows".
The national average interest rate for a thirty year fixed rate mortgage dropped to an average of 4.36 %. This is down from a rate of 4.42 % from the week before as well as from a year ago when the rate was 5.14 %.
A new record-setting low of an average 3.86 % was set for the interest rate on a fifteen year fixed mortgage. The preceding week, the interest rate was 3.90 % and the year-ago rate was 4.58 %.
The rates quoted above do not include the additional fees or "points". (One point equals approximately 1 % of the value of the loan.) Points averaged 0.7 for a thirty year fixed rate mortgage and 0.6 for a fifteen year fixed rate mortgage.
In the western region of the country, including the San Diego area, interest rates were a bit below those of the national average for fixed rate mortgages. A nationwide low of 4.28 % for a thirty year fixed rate loan was reached in the western region, while a fifteen year fixed rate mortgage was 3.48 %.
One must always keep in mind that rates are changing continually and, in order to get the lowest possible rate, you have to be extraordinarily credit worthy.
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