Mortgage Rates Drop to Lowest Level on Record
Published: Thursday, 24 Jun 2010 | 10:19 AM ET

U.S. mortgage rates dropped in the past week, with 30-year fixed-rate loans tumbling to their lowest level in 39 years, according to a survey released Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

AP
Interest rates on 15-year fixed-rate and hybrid adjustable-rate mortgages dropped to fresh lows as well.

While low rates and high affordability helped the housing market gain ground over the past year, the sector has struggled since popular home buyer tax credits expired on April 30.

Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.69 percent for the week ended June 24, the lowest since Freddie Mac [FRE 0.462 -0.028 (-5.71%) ] started the survey in April 1971. The latest rate is down from the previous week’s 4.75 percent and the year-ago level of 5.42 percent, according to the survey.

Freddie Mac said the 15-year fixed-rate mortgage averaged 4.13 percent, down from 4.20 percent last week and the lowest since Freddie Mac started tracking the mortgage type in September 1991.

“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities.

Mortgages

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I just got off the phone with National Flood Services and it looks like as of Tuesday we will not be able to write new flood business until congress postpones the decision for x amount of days again or until they make a final decision on the National Flood Insurance Program. If we do have to write a new flood policy what we will have to do is complete an application with the requested eff date on it, get the insured to sign the app on or before the effective date, receive payment on or before the effective date, and once everything is back to normal the National Flood Insurance Program will most likely retroactively honor the effective date on the application. Unfortunately I doubt mortgage companies will accept this as proof of coverage. However this is a little bit of good news. If there is already a flood policy in effect it can be transferred to the new buyer. The coverage can not be altered but it can be transferred. Polices that are already in effect and coming up for renewal should be renewed just like they have been in the past. Hopefully our government will get all of this settled by Tuesday and none of this will be an issue. If I hear anything else I will keep you updated.

Disclaimer – Insurance Policies/Coverage cannot be bound or changed by email. Written or verbal confirmation from a licensed agent is required.

William Hackett

C. T. Lowndes & Company

487 Highway 174

Edisto Island, SC 29438

Phone (843) 869-2141

Fax (843) 869-3836

Received this update today from SC Realtor update:

The South Carolina Senate failed to adopt point of sale legislation this week, despite all interested parties having agreed to a compromise early Tuesday. The Senate debated H.3272 for nearly 7 hours on Tuesday and gave the bill second reading. Things changed quickly over the course of 24 hours, whereby the Senate failed to give the bill the necessary 31 votes to get third reading Wednesday. By a vote of 28 to 13, H.3272 failed on the Senate floor on nearly partisan lines.

Thanks to quick work on the floor by Senators Larry Martin and Thomas Alexander, the bill did not die Wednesday afternoon. However, it was recommitted to the Senate Finance Committee but retains a place on the Senate Third Reading Contested Calendar

Call your senators asap and tell them to keep this bill alive.

Marie