Mortgage rates matched the lowest they were but experts are telling us not to expect ti to continue for the next 30-40 days. Some are saying there may even be an increase.

Rates for 30-year mortgages averaged 4.78 percent last week, down from 4.83 percent the previous week and equaling the record low reached the week of April 30.

The same tiem last year the 30-year fixed rate mortgage averaged 5.97 percent.

Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the long-suffering housing market.

However, in order to get these great interest rates, your credit score has to be very strong.

Rates for 30-year fixed mortgages are now 0.8 percentage points below this year’s peak set in mid-June. The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent, down from 4.32 percent the previous week, according to Freddie Mac. The 15-year rate hasn’t been this low since Freddie Mac started tracking it in 1991.

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