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Mortgage rates are at an all-time low here in Connecticut according to HSH Associates, an independent mortgage resource that has been supplying statistics to the financial industry since 1979.
Rates for a 30 year fixed mortgage in Connecticut for the week ending July 30, 2010 averaged 4.50% with no points, while the national average was 4.86%. A 15 year fixed mortgage in Connecticut for the same period averaged 4.00% with a national average of 4.34%.
Looking back ten years to July 2000, a 30 year fixed mortgage averaged a hefty 7.94%. If you think that's a high number, let's go back another ten years look at July 1990 when a 30 year fixed mortgage was a whopping 10.10%!
Despite the low rates, many would-be borrowers are still finding it difficult to qualify for a new mortgage or to re-finance an existing mortgage due to the new, stringent regulations put in place by lenders. To keep abreast of trends in the mortgage market, visit HSH.com
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