Mortgage Rates Continue to Drop | Record Lows and One-Year Running Trends

posted on June 1st, 2012 | filed under: Buying Strategies, NoCo SD Market Conditions, Successful Selling, Uncategorized

Mortgage rates moved even further into record lows this week, continuing on a seven week trend of small declines. The average fixed rate 30-year mortgage, the most popular mortgage product, fell to 3.79% and the 15-year rate moved just slightly lower to 3.04%, from 3.05%, also a new record low.

The historic low rates are encouraging the demand for loans. According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, home loan applications increased 9.2 percent over the last week.

The chart below shows the Running One-Year Trend for 30-year Mortgage Rates.  While there is some minor volatility in the rates from week-to-week, the downward trend is undeniable.

Mortgage Rates Chart

Written by Samuel Scott Financial Group on May 19, 2012

 

posted by Jeff DeChamplain

  1. Samuel Scott

    Thanks for sharing this post, Jeff. We hope your clients enjoy the content. And your site looks great, btw!

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Jeff DeChamplain