Unless you have been following the mortgage markets closely, you may have missed the dramatic fall in rates over the last few months.
According to Bankrate.com, the National Average rate for a 15 year fixed mortgage was 4.93% over night, and 5.42% for a 30 year fixed mortgage.
As illustrated by these charts, these rates are the lowest we have seen in over two years.
3 Year Chart of 15 Year Fixed Rate Mortgages:
3 Year Chart of 30 Year Fixed Rate Mortgages:
I hope this provides an opportunity for many of the individuals that took adjustable rate loans to refinance into a fixed rate loan.
