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by Jace Stolfo
on Friday, January 2nd, 2009 at 3:48pm.
According to Freddie Mac's Primary Mortgage Market Survey (PMMS), long term interest rates fell to a new low for the week ending 12/31/08. The 30-year-fixed rate averaged just 5.10% with .7 points. The lowest interest rates since the PMMS started in 1971. Just in the last week, refinance applications jumped over 500%.
A rule of thumb to remember, when it comes to your monthly payment, a 1% change in interest rates is equal to a 10% change in home value. In other words, If a $200,000 house goes down to $180,000 but interest rates go up 1%, you payment is essentially the same.
Source: Freddie Mac
Information not guaranteed.