Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year.
The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week. Last year at this time, 30-year mortgages averaged 6.04 percent.
Rates hit a record low of 4.78 percent in the spring, and remain attractive for people looking to buy a home or refinance their existing mortgage.
No expert polled by Bankrate.com this week expects further drops in the average mortgage rate as it flirts will all-time lows, but a hefty 55 percent also foresee no change over the next 30 to 45 days. The remaining 45 percent expect an increase.
Please contact Larry or Denise Pierce at Pierce Realty in Mount Dora Florida for more information on Mortgage Lenders.
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