Thursday, April 02, 2009
U.S. Mortgage Rates Hit another Low
Dupaco staffers remain up to their eyeballs in mortgage loan and refinance applications after the 30-year fixed-rate mortgage averaged 4.78% this week, according to data released today by mortgage giant Freddie Mac.
The rate represented a drop from the previous week of 4.85%. Last year at this time, the average rate was 5.88%.
The 15-year fix-rate mortgage averaged 4.52%, compared with 4.58% last week. A year ago at this time, the rate was 5.42%.
As of Thursday afternoon, Dupaco's 30-year fixed rate stood at 4.875% with zero points. A 15-year fixed was at 4.50%. For the most up-to-date Dupaco rates, click here.
More than 95% of those members applying at Dupaco are from members looking to refinance their current loans.
In fact, Dupaco is currently experiencing an exceptionally large volume of mortgage refinances which has increased our normal processing times.