MyAwesomeCard.COM » mortgage http://www.myawesomecard.com/blog Review and Comparison of Investment Ideas and Personal Finance Products Mon, 28 Jun 2010 21:10:44 +0000 http://wordpress.org/?v=2.9 en hourly 1 Mortgage Rate at 50 year low, Refinance now or wait? http://www.myawesomecard.com/blog/126-mortgage-rate-at-50-year-low-refinance-now-or-wait http://www.myawesomecard.com/blog/126-mortgage-rate-at-50-year-low-refinance-now-or-wait#comments Sun, 11 Jan 2009 12:53:57 +0000 brady http://www.myawesomecard.com/blog/?p=126 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 yr mt rate

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%.

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