Mortgage Interest Rates Drop Again Hitting Refinancing Boom Lows

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Mortgage interest rates dropped again today, hitting lows not seen since the height of the refinancing boom.

Mortgage interest rates dropped again today, hitting lows not seen since the height of the refinancing boom.

The rate decline came after the Institute of Supply Management reported that manufacturing activity in April was weaker than expected. The news sparked a rally in the bond market, pushing yields on the 10-year Treasury below four percent for the first time since April 2004. As a result, mortgage rates for fixed rate mortgages dropped into the mid five percent range and rates on adjustable rate mortgages dropped into the high four percent range.

“Consumers thinking about purchasing a new home or refinancing their existing mortgage have a unique opportunity right now to lock in a very low rate,” said Bob Walters, Chief Economist at Quicken Loans, the nation's largest online mortgage lender. “None of the experts thought rates would be this low right now, and no one knows how long it will last. The best advice for people is to take action, rather than trying to time the market in the hopes that rates will drop even further.”

For more information and to access mortgage related articles and calculators, visit http://www.QuickenLoans.com.

EDITOR'S NOTE: Bob Walters, Chief Economist at Quicken Loans, is available for comment. Quicken Loans is the nation's largest online mortgage lender, per rankings compiled by National Mortgage News.

Contact:

Todd Krieger

Quicken Loans

734-805-4895

toddkrieger@quickenloans.com

http://www.QuickenLoans.com

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