Buying Opportunity With Long-Term Mortgages Near Record Low

Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May, falling to 4.87 percent this week from 4.94 percent a week ago, according to Freddie Mac.

Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent.

Other mortgage averages were as follows:

15-year loans fell to 4.33 percent.

Five-year adjustable-rate mortgages dropped to 4.35 percent.

One-year ARMs rose to 4.53 percent.

Source: Chicago Sun-Times, Francine Knowles (10/09/09)

© Copyright 2009 Information Inc

Local mortgage rate update from Third Federal. These interest rates are accurate as of Oct 9, 2009.

30 Year Fixed Rate

· 4.65% with 0.0 discount points – 4.751% APR

15 Year Fixed Rate

· 4.15% with 0.0 discount points – 4.323% APR

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