Lowest Mortgage Rates Since the Early 1960sby Tim Manni
Mortgage shoppers, it’s on: the average conforming 30-year FRM is 5.06%. That’s a decline of nearly a quarter of a percent from Tuesday.
Not only that, it represents “historic lows,” said Keith T. Gumbinger, VP of HSH Associates. According to HSH’s research — records are spotty — fixed-rate mortgages haven’t reached this level “since 1961 or 1962,” Gumbinger said.
Borrowers have noticed the fall in rates. Lenders contacted during our survey today reported higher-than-usual activity — which is noteworthy, considering the holiday rush. Lenders who advertise on our site report that inquiries have risen about 400% from last week, and growing by about 20% every day so far this week.
Fixed mortgage rates peaked at 6.62% in late October and have been falling fairly steadily since then. Just last Friday, they’d fallen to lows not seen in four years.
You already know it’s best to shop for the ‘best’ mortgage for your needs. We’d suggest you start with our Lender Showcase, but of course don’t be shy about calling lenders directly if you don’t see what you need.