Freddie Mac and their latest survey are showing that the 30-year fixed mortgage rates have been lowered this week to 3.32 percent compared to lasts weeks rate of 3.34 percent. The 3.32 percent is close to the record low number of 3.31 percent we have seen this past year.
Freddie Mac also reports that the 15-year fixed rate for this week went down with 0.1 percent to 2.66 percent. This rate has been popular this year as it has allowed home owners including Downtown San Diego Condo and Downtown San Diego Loft home owners to refinance to retire their mortgages faster.
According to the Los Angeles Times and their article “Mortgage rates dip slightly, back to near record, Freddie Mac says” that these rates are mostly for home buyers that are in good standing with their credit score and who can pay a 20 percent down payment. In the low mortgage rates, title insurance and appraisals are not included and are to be paid by the borrower.
The Federal Reserve has lately been trying to stimulate the economy in the U.S. including Downtown San Diego by buying mortgage bonds and government securities to keep the 30-year fixed rates low. The plan is to keep this practice until around 2015 when the unemployment rate drops to below 6.5 percent.
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