2009 has certainly been a turbulent time in the world of home mortgages.  With new increased regulation and aggressive moves by the Fed to help stabilize the economy, we have seen a marketplace that most of us have never experienced in our lifetime.  Earlier in the year interest rates hit a near 60 year low, with the conforming 30yr fixed rate bottoming out around 4.5%.  As the 60-year low cannot last forever, we have seen rates creep back up, with the average conforming 30yr fixed rate sitting right around 5.5%.  Since 1992, the average 30yr fixed conventional rate is roughly 6.91%.  Just one year ago, the 30yr fixed conventional rate was sitting around 6.5%. 

While it is easy to feel as if you missed a great opportunity if you did not lock in with the rates at a 60 year low, do not be discouraged.  Rates are still historically low, and there is still plenty of opportunity to lock in a low interest rate.  Please feel free to contact Carter Scott, (703) 725-9041 mobile, or Thad Wise, (703) 350-1733 mobile with Bank of America any time with questions as they are always available to assist!