Friday, April 17, 2009
Mortgage rates ease back toward record lows
Long-term mortgage rates resumed their retreat again this week, after tipping up slightly last week.
The U.S. national average for the 30-year loan slipped to 4.82% this week, from last week's 4.87%, according to Freddie Mac.
As of Friday morning, Dupaco's 30-year fixed rate with no points was 4.875%. To see Dupaco's other mortgage rates and options, click here.
Dupaco's team of mortgage professionals remained busy with a record number of mortgage applications--mostly for members wishing to refinance, according to Dupaco Mortgage Loan Vice President Dennis Beadle (left). "But loans for purchases are starting to pick up."
Beadle believes rates will continue to be near record lows through the summer.
"Some folks who have refinanced are saving $500 or $600 on their monthly mortgage payments," he said during a break between stacks of appointments Friday morning. "That's really going to stimulate the economy."