The current rate is well off the pace of the former record of 4.69 percent recorded a few days ago and itâ€™s the most nominal decrease since the Federal Home Loan Mortgage Company started keeping a record of rates back in 1971.
Overall, mortgage rates have dropped frequently the past couple of months. Capitalist concerned about the Euro financial crisis have begun moving their assets into secure Treasury bonds, forcing yields to fall. Mortgage rates normally follow yields posted by Treasuries.
More restrictive lending practices just donâ€™t provide the opportunities they once did for home owners to refinance their loans. For home owners who can qualify for these very attractive refinancing rates, now may be the time to speak with your financial advisor about locking in a great rate.