Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May 2009, falling to 4.87 percent the last week of September 2009, according to Freddie Mac.
Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent.
Other mortgage averages during the last week of September 2009 were as follows:
- 15-year loans fell to 4.33 percent.
- Five-year adjustable-rate mortgages dropped to 4.35 percent.
- One-year ARMs rose to 4.53 percent.
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SOURCE: Chicago Sun-Times
