Bay Area Refinance and Mortgage Weekly News Report:

Bay Area Refinance and Mortgage Weekly News Report:

Good news for those looking to lock in rates!  Mortgage rates continued to drop this week, as Freddie Mac reported that rates continued to drop consecutively for nine weeks in a row.   Rates for a 30 year conforming fixed mortgage dropped to 5.10% , down from 5.14% for the previous week.  “Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all-time record low since Freddie Mac’s survey began in April 1971,” Frank Nothaft, Freddie Mac’s chief economist stated. FHA Stream line refinances remain strong due to the low interest rates. FHA purchase activity continues to be busy as the end of 2008 approaches.

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