Thank you for viewing our Cape Cod real estate blog with homes for sale, sold, open house information, news and more.
RATES fell to the lowest level in decades for the ninth time in 10
weeks, as concerns grow that the economy is weakening.
The average rate for a 30-year fixed mortgage dropped to 4.36% this
week from 4.42% last week, mortgage finance giant Freddie Mac said
yesterday. That's the lowest since 1971, when the company began tracking
The average rate on 15-year fixed loans dropped to 3.86% from 3.90% the previous week, the lowest on records starting in 1991.
Rates have fallen since spring as investors gobbled up Treasury
bonds, lowering their yield. Mortgage rates tend to track those yields.
The low rates have prompted thousands of borrowers to refinance their
home loans. Refinancing is at its highest level since May 2009 and made
up 82.4% of all new loan activity.
Many New Yorkers could benefit financially from refinancing - how can
they figure out if they qualify and how the numbers will sort out for
Read the Your Money section in Monday's Daily News for details,
issues to consider and helpful tips on how to get started in refinancing
your home loan.
Staff and Wire Reports- NYDailyNews.com