Nov 16, 2010

Rates fall to record low : Good time to lock in on these low rates.

According to, the bench mark 30 year fixed rate mortgage fell 9 point, from a 4.45 last week to 4.42 this week. Rates haven't been lower since 1953, according to the National Bureau of Economic Research's statistics on FHA-insured loans.

The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 3.81 percent. The benchmark 5/1 adjustable-rate mortgage fell 10 basis points, to 3.57 percent, and the 30-year, fixed-rate jumbo fell 6 basis points, to 5.04 percent. All of those are record lows in Bankrate's weekly survey.

The team at PrivoCorp, suggests to all borrowers to consult with their loan officers and lock in on these low rates. If the rates do dip further down, there is no need to be concerned as you can always refinance.

PrivoCorp is loan processing company and does not originate loans. This activity is performed by our clients - brokers or lenders.

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