Mortgage rates have fallen to their lowest levels in over two years.That's good news, provided you can still get a loan. The average rate on 30-year, fixed-rate mortgages fell 20 basis points to 5.87% over the week ended Thursday, according to a survey by Freddie Mac ( FRE) A basis point is a hundredth of a percentage point. The mortgages in this week's survey had average origination fees and discount points of 0.4% of the total loan amount, down from 0.5% last week Rates on 30-year, fixed-rate mortgages haven't been this low since September 2005. Unfortunately for anyone looking to purchase a home or refinance an existing loan, lending standards are much tighter then they were two years ago. Back then, at the peak of the housing market, it seemed like all you had to have to get a loan was a pulse.
|Mortgage Rates in Selected Cities|
|New York||30-year fixed||5.5%|
|Source: BankingMyWay.com |
--no origination fee / 20% down payment / excludes Internet banks / excludes credit unions / loans under $417,000
For more rates, see BankingMyWay.com