Wow!!!! 30-year fixed rate mortgage loans dipped to an all time low today at 4.69%. That is the lowest level since Freddie Mac began tracking rates in 1971.
Rates on 15-year loans fell to an average of 4.13%. Five year, adjustable rate mortgages averaged 3.84%...also the lowest on record, but that year was 2005 when Freddie Mac began tracking ARMs.
The national average for points, the fees added to a mortgage, were between 0.6 and 0.7 depending upon the mortgage product chosen.
As a rule of thumb, mortgage rates tend to track yields on long-term Treasury debt. Investors have recently become leery of turbulent stock markets and the European debt crisis, thus seeking the safety of Treasury bonds which, in turn, drives down yields.
For more information on this, or real estate in Steamboat Springs, please call.
Anne Mayberry
970.846.1425
The Vanatta Group
The leaders in luxury real estate in Steamboat Springs and Northwest Colorado.
