The average rate on a 30-year fixed mortgage dropped to 5.25 percent this week. A year ago, the 30-year, fixed-rate mortgage averaged 5.72 percent. It's a great time to buy interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below last year's peak set in late July, "offering many an incentive to buy or refinance.
Freddie Mac and sibling company Fannie Mae own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the companies in September.
In late January, Freddie Mac reported that U.S. homeowners took out $17.5 billion in home equity in the fourth quarter by refinancing their mortgages, the lowest amount since the first quarter of 2001. If rates continue to go down we will start to see a shift...optimism is in the air.
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