HOME LOAN INTEREST RATES HIT RECORD LOWS!

Amid increasing concerns over the economic stability of the world, the average interest rate for conventional fixed rate mortgages (3o year) decreased below 4% for the first time in recorded history.

Averaging 3.94% for a 30 year loan, if you read more here, the current interest rates make purchasing a home very worthwhile.  A year ago today rates averaged 4.27%.

The fixed rate mortgage for the term of 15 years also decreased to the lowest level in recorded history for the 6th consecutive week–averaging 3.26%–down 3.28% from a week ago and 3.72% from 1 year ago.

The adjustable rate mortgage averaged an interest rate of 2.96%–down from 3.02% as of the 1st of October.  A year ago today the adjustable rate mortgage was holding steady at 3.47%.

On the flip side, interest rates increased for the 1-year ARM loan due to the Federal Reserve building their coffers from the 400 billion short term Treasury securities which serve as a “benchmark” for these particular types of loans.  The 1-year treasury ARM currently sat at 2.95% this week yet still lower than last years rate of 3.4%.

Growing concerns over global recession has caused a decrease in online loans canada interest rates, something that bids well for a loan-seeker.  Fortunately, consumer spending increased by .2% within the month of August yet personal income decreased 0.1%–the 1st decline since 2009.
(Source: www.zippaloans.com).

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