Mortgage rates at record lows

Credit: AP

In this June 23, 2009 photo, an "in escrow" sign is seen on a home for sale in the Pacific Palisades area of Los Angeles. The National Association of Realtors said Wednesday, July 1, 2009, pending home sales rose in May for the fourth straight month, fresh evidence that the housing sector may be recovering. (AP Photo/Reed Saxon)


by Joe Smith

Posted on October 4, 2012 at 5:41 PM

Updated Friday, Jan 24 at 3:24 PM

PORTLAND - If you're planning to buy of refinance a home, now may be the time as mortgage rates are once again a record lows.
Freddie Mac reported that the 30-year fixed mortgage is now at 3.36 percent, down from 3.40 percent.

A 15-year mortgage also hit a new record low, 2.69 percent, down from 2.73 percent.

It's good news for buyers and for those who are thinking about refinancing to reduce their monthly payment.

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"We don't know if this is the bottom, but it's the lowest we've seen so far. And it's good enough for people who have been on the fence," said JJ Lee Kwai, Mortgage Broker with Rose City Mortgage.

While this is positive news for the housing market, it does indicate that the economy still has a ways to go. 

Last month, the Central Bank announced plans to buy $40 billion a month in mortgage-backed securities until the labor market shows some significant improvement.