Nowhere to go but up.

You can make that statement about so many things these days.
The economy, a living wage, the loaf of bread that you tried to bake last weekend.
But no truer statement was ever made about interest rates. Money is truly ON SALE.

The rate on 30-year FRM stays at record 3.87%

Mortgage Rate Trend Index

Two-thirds of mortgage rate experts (64%) say rates will stay the same over the short term, and 36% foresee an increase. No one predicted a decrease.

 

From Florida Realtors : WASHINGTON – Feb. 10, 2012 – The average rate on the 30-year fixed mortgage stayed at a record low this week, providing some added incentive for those looking to buy a home or refinance.

Mortgage buyer Freddie Mac said Thursday the rate on the 30-year loan was unchanged at 3.87 percent. That’s the lowest level on records dating back to the 1950s.

The average on the 15-year fixed mortgage rose to 3.16 percent, up from last week’s record low of 3.14 percent.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan was unchanged at 0.8; the average on the 15-year fixed mortgage dipped to 0.7 from 0.8.

For the five-year adjustable loan, the average rate rose to 2.83 percent from 2.80 percent, and the average fee was unchanged at 0.7.

The average on the one-year adjustable loan rose to 2.78 percent from 2.76 percent, and the average fee was unchanged at 0.6.