Mortgage Interest Rates Drop Again Hitting Refinancing Boom Lows
Mortgage interest rates dropped again today, hitting lows not seen since the height of the refinancing boom.
Livonia, MI (PRWEB via PR Web
Direct) June 1, 2005 -- 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
e-mail protected from spam bots
http://www.QuickenLoans.com
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Source : http://www.prweb.com/releases/2005/6/prweb246945.htm