Monday, January 28, 2008

30 Year Rates Approach 5%

From The Star Ledger:

The average rate for a 30-year fixed-rate mortgage dipped Thursday to 5.25 percent, the lowest point since mid-2004, according to The average 15-year fixed-rate mortgage, a popular choice for refinancing, stood yesterday at 4.79 percent, also the lowest since mid-2004.

Four weeks ago, the average 30-year mortgage was 6.31 percent, while 15-year loans averaged 5.98 percent, Bankrate figures show.

Mortgage rates have fallen so fast, Princeton Mortgage in Pennington published four price changes during the day Wednesday as 30-year rates dipped near 5.1 percent before creeping up overnight to yesterday's level, said Brian Jennings, the company's chief operating officer.

"This is an unbelievable buying opportunity," Jennings said. "This is the first time in recent history you have near-historic-low mortgage rates at a time home prices are falling in New Jersey."

Rates have come down as New Jersey's inventory of existing homes for sale is growing and, for the first time in years, property values in some areas of the state are falling.

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