30 Year Mortgage Rates are at a Historic Low

From the Associated Press this morning:

WASHINGTON Rates on 30-year mortgages fell to a record level for a fourth straight week, dropping to the lowest mark since Freddie Mac started tracking the data nearly 28 years ago. Rates have been falling since late November, when the Federal Reserve announced a plan to spend up to $500 billion to buy mortgage-backed securities in efforts to buttress the distressed housing market. Freddie Mac reported yesterday that average rates on 30-year fixed mortgages dropped to 5.01 percent this week, down from the previous record of 5.1 percent set last week. Associated Press

According to the Washington Post these lower rates have left mortgage companies overwhelmed by the amount of requests for re-fi’s that are coming in. Borrowers are facing delays, however, as the re-fi requests are happening at a time when layoffs have sharply decreased staffing at most mortgage houses.

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