Interest Rates Hit New Historic Lows….Again!

It was just about a month ago when Mortgage interest rates hit their lowest percentages ever. And now it’s happening again! Mortgage rates for mortgages fell this week, with the current average rate borrowers were quoted at 3.71 percent, down from 3.73 percent at this same time last week. And in Portland it’s even better! The average rate in Oregon is holding at 3.69%.

“So far 2012 has brought us lower mortgage rates than most ever thought were possible, and we’re likely going to remain close to these record low levels for the near-term,” said Director of Zillow Mortgage Marketplace. “Look for rates to stay in this historically low range and possibly drop further if new concerns emerge around the European debt crisis.”

Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.59 percent.  So if you need to refinance that loan, do it!  But better yet if you are thinking of buying a home in the Portland area, give me a call!

by Betsy Ballantyne

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