30-Year Fixed Rates are at Their Lowest, Credit Card Rates Soar

30 Year Mortgage Rate at its Lowest

The 30-year fixed rate mortgage has fallen for the ninth consecutive week. This sets a new record. the fixed rate mortgage has averaged 5.10 percent with an average 0.7 point for the week ending 12/31/2008. The previous week's average was 5.14 percent according to Freddie Mac. This time last year the rate was 6.07 percent.

A steady Decline Since October 2007

Rates have been declining since October 2007. Since, rates have declined by above one and one-third percentage points. This relates to a savings of approximately $173 a month on a $200,000 loan. According to Freddie mac VP and chief economist Frank Nothaft, "As a result, the number of refinance applications for conventional mortgages jumped over 500 percent between the weeks ending on October 31st and December 26th."

As the Economy Weakens, Credit Card Rates Rise Dramatically

Just when you thought all interest rates were going in the same direction for the good of the economy, recent reports indicate a dramatic increase in credit card rates for consumers. View the video below

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