Rate on 30-year fixed mortgage falls to 4.78 pct

Fixed mortgage rates dipped this week, with the rate on the 30-year loan staying under 5 percent and the 15-year loan falling below 4 percent.

Freddie Mac says the average rate on the 30-year loan fell to 4.78 percent from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed mortgage slipped to 3.97 percent from 4.02 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Despite the low rates, housing remains in the doldrums. Four home builders reported softer sales in the most recent quarter. A weak economy, strict credit standards and a high number of foreclosures are chasing away buyers.

If you are looking to buy a home, now is a great time and a very affordable time to purchase a home. If you are currently renting, consider purchasing a home as that option may be cheaper than renting! For more information about purchasing a home or obtaining a mortgage pre-approval letter, contact David Abramson at 240-475-5001 or email David.Abramson@LNF.com

Source: BusinessWeek

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