Mortgage Rate at 50 year low, Refinance now or wait?
0 Year Fixed Rate mortgage rate was at 5.19% last week (Dec. 18th), 50 year low point, previous low was 5.24% in mid-2003. The rate continued to drop thereafter, on Dec. 28th, the 30 year fixed mortgage rate reached a new low 5.10%, according to Freddie Mac.
30 year fixed mortgage rate history from 1971 to 2009
The 30 year fixed mortgage rate history since 1971 experienced these stages:
- from 1971 to 1978, rates were between 7.5% to 10%, but essentially rising
- from 1978 to 1986, rates were above 10%, once touched 18%
- from 1986 to 1990, rate hovered around 10%
- from 1990 to 2002, rates were between 10% and 5.9%, but essentially dropping
- from 2002 to Nov. 2008, rates were below 6.9%, as low as 5.24% in mid-2003
Even though it’s at historical low now, some rate experts predict it will drop to 4.5% in early 2009, but if you can’t wait, check out this tool to start refinance:
Jan. 22, 2009 update: It turned out that the lowest point of the rate was 4.96%, not 4.5% some experts predicted before, the rate has rebounded and now in the week of Jan. 22nd, it’s at 5.12%, the Jan. 22nd spot rate for 30 year fixed is 5.41%.
Important Disclaimer: the credit cards information in this post were accurate as of the date of publishing, some or all of the card programs may be discontinued, their terms may be changed after wards.
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