Mortgage Rates Fall Sharply

As if the extension of the first time home buyer tax credit wasn’t good enough, mortgage rates are down over 2 points from last year. This may just create the perfect scenario for new buyers….

According to Freddie Mac, the average rate on a 30-year fixed mortgage was at 4.83% this past week, which is down from 4.91% last week. And….even further down from a year ago at 6.04%.

The best deal of all is a 15-year fixed-rate mortgage. The average rate on a 15-year fix fell to 4.32%, the lowest on record.

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