Today’s Mortgage Rates: August 30, 2010

The thirty-year fixed rate mortgage (FRM) averaged 4.375% today, with an APR of 4.559%, down from Friday’s average of 4.36%. This rate is much lower than last year around this time when the 30-year FRM was averaging well over five percent. Today’s rates are the lowest recorded since Freddie Mac began keeping track of this type of mortgage back in 1971.


Fifteen year FRM are also averaging record lows today with an average rate of 3.75%, down much lower than this time last year when the 15-year FRM was averaging 4.58%.



Because of today’s historically low interest rates there has been a steady increase in refinance applications over the last few weeks.



“The volume of refi applications last week was up 26% over their level four weeks ago. Mortgage rates dropped to their lowest level in the survey, going back to 1990, as incoming data continue to indicate that economic growth has slowed,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.”