The average rate for a 30-year fixed rate mortgage (FRM) inched downward this week nearing the record lows of one month ago. Mortgage rates have been below 4% now for three full months.
Despite the low rates, few people are qualifying because of high unemployment, although it is improving. The fact is that most of those who qualified have refinanced their mortgages earlier keeping the current activity at a rather slow pace.
Here are the current rates:
|FHA 30-Year Fixed||3.75%||3.75%||0.00|
|Jumbo 30-Year Fixed||4.15%||4.19%||-0.04|
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Premiere Plus Realty Co.