Exciting!!!Mortgage Rates get low.

refinance
Mortgage rates retreated after hitting a seven month high last week, according to the latest survey from mortgage financier Freddie Mac.

The popular 30-year fixed averaged 5.38 percent during the week ending June 18, down from 5.59 percent a week ago, but still a half-point higher than its all-time low of 4.78 percent in April.
A year ago, 30-year fixed mortgages averaged 6.42 percent, so rates are still historically very low. The 15-year fixed slipped to 4.89 percent from 5.06 percent, and remains much lower than its year-ago average of 6.02 percent.
Mortgage rates went lower this week as the Freddie Mac weekly survey showed rates at 5.38%. Average mortgage rates have been all over the map lately so it is not surprising at all that this is a bounce back from 5.59%. The question that remains is “will it save you any money?” Honestly, rates bouncing around like they are is unlikely to save you any money. I have several friends and family members that locked in around March and April at all time lows, but now things are much different. Applications were up an unadjusted 14.4% for the week ended May 29 from the comparable week in 2008, according to the Washington-based MBA's survey, results for which were adjusted to account for the Memorial Day holiday.
The latest survey, which covers half of all U.S. retail residential mortgage applications, mirrored a similar pattern for mortgage filings seen in the week ended May 22. See full story.
Yields on Treasury notes, a key benchmark for setting mortgage rates, spiked a week ago. See Bond Report.
Mortgage lenders see fluctuating average mortgage rates and they also notice the the 10 year treasury yield has been in an uptrend for months. I am not saying that the lenders are going to try to screw you out of money, but they are not stupid. They realize that mortgage rate trends may be reversing and that we could see rates in excess of 6% soon. The fact that inflation is a possiblity has also played a part in this artificial mortgage rates market. The last time we saw huge inflation, mortgage rates went to 17%. I seriously doubt that will happen again, but it sure is on peoples minds. WASHINGTON, DC - Rates for 30-year home loans fell back this week after soaring to the highest level in seven months a week earlier. The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier, mortgage company Freddie Mac said. NEW YORK - A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.