Mortgage rates hit a record low 3.75% on a 30 year fixed! What is happening?

Who would say that despite the Dow closing above 11,000 for first time since May 2010 and after a decline in jobs that both would allow the release of the Mortage Backed Securitie to issue aggressive rates that allow escape from it's threshold of pain..  

I work at a National mortgage company, Academy Mortgage, and after congregating and talking around the water cooler in the office, it was made obvious that none of us Loan Originators noticed the mortgage/ home loan rates being so drastically low.  Who knows maybe since it is a long weekend we just all weren't thinking or worried based on our knowledge of the market (It's slow around a holiday weekend. Rates stay unchanged for the most part).. 

However, the rates are currently

  • Conventional rates are at 3.875%
  • FHA rates are at 4.00% 

Of course there are some downpayment and/or credit requirements that have to be met and reviews.  Let me know if you have questions or like to discuss the madness.

Ted Canto

Mortgage Consultant

Academy Mortgage

Direct: 480.650.8602     

Office: 480.344.3671  
Fax:  480.374.6958 


NMLS #: 228393


Comment balloon 3 commentsTed Canto • October 08 2010 05:12PM


I never thought I'd see the day below 4%.  That's just crazy. 

Posted by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage) over 9 years ago

Tim - we all were running back to our offices to get on the phone.. No one had any idea.. 

Posted by Ted Canto, Arizonan #1 Mortgage Lender (American Mortgage Network) over 9 years ago

Now to find the buyers to take advantage of these great rates. Good luck.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic ( over 9 years ago

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