Thursday, May 17, 2012

Rates keep dropping and refis are hopping

Bankrate.com

Mortgage rates dipped again, for the sixth week in a row, pushing the rate on the most common type of mortgage below 4 percent for the first time in the history of Bankrate's survey.

30 year fixed rate mortgage – 3 month trend
30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage fell to 3.97 percent, compared to 4.02 percent the previous week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.44 discount and origination points. One year ago, the mortgage index was 4.77 percent; four weeks ago, it was 4.1 percent.

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