MORTGAGE RATES HIT RECORD LOWS AGAIN

Despite the fact that the mortgage hit another record low, the eighth record low for the past year, there were few people taking advantage of it. The issue is that most all who can afford to refinance or purchase have already done so, that coupled with the fact that it is extremely to qualify in many cases.

The old record set just one week ago was 3.89% for an average 30-year fixed rate mortgage. Thge new record set this past week is now 3.88% just ticking down slightly from last week and enough to set the new record. Records for mortgage rates date back to the 1950's.

Interestingly, the rate for a 15-year fixed mortgage rose slightly from its record set last week to 3.17%.