Mortgage Rate Hit Another Record Low

This week fixed rate and adjustable-rate mortgage rates set a new record low according to Freddie Mac.

For the week ending September 8, 2011:

• 30-year fixed-rate mortgages: averaged 4.12% this week.
• 15-year fixed-rate mortgages: averaged 3.33% this week.
• 5-year adjustable-rate mortgages: averaged 2.96% this week.
• 1-year ARMs: averaged 2.84% this week.

Lower real estate prices coupled with record low mortgage rates are double bonus for buyers right now.