Mortgage rates

30-year and 15-year mortgage rates have fallen for five straight weeks, and now 30-year rates have reached their lowest level in 38 years.

The Wall Street Journal reports,

The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week’s 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week’s prior low of 4.29% and 5.77% a year earlier.

In the video below, Amy Hoak and the News Hub discuss these record-breaking interest rates and the other favorable market conditions that today’s homebuyers will encounter.

For more information, visit wsj.com.

Freddie Mac announced today that rates on 30-year mortgages have fallen to 4.83 percent – much lower than the 6.04 percent rates seen one year ago. Freddie Mac’s chief economist Frank Nothaft reports that attractive 3Q rates have led to approximately $1.1 trillion in refinancing activity, saving borrowers about $10 billion in monthly payments over the first 12 months of their new loans.

Will these eye-catching rates last long? Probably not. Attempting to lower mortgage rates and loosen credit, the Federal Reserve has pumped $1.25 trillion into mortgage-backed securities. It is likely that this wide scale effort will end early next year, resulting in another round of raised rates.

For questions regarding mortgages and home financing, contact Ascent Financial Services. Also visit  msnbc.com to read more details about Freddie Mac’s report.