Record Low Mortgage Rates; Loans Taking 2 Months to Close

From Jann Swanson at MortgageNewsDaily: Loans Still Taking 2 Months to Close as Refi Demand Stays Strong

The interest rates on 30-year fixed rate mortgages originated in December reached an all-time low in ICE Mortgage Technology’s (formerly Ellie Mae’s) records, an average of 2.93 percent and a 4-basis point decline from the November rate. … The time to close all loans increased to 58 days from 55 days in November with purchase loans, at 56 days compared to 49 days, accounting for all the increase. The refinance timeline remained at 59 days. [Today’s Most Prevalent Rates For Top Tier Scenarios 30YR FIXED – 2.78%]

Mortgage Rates Click on graph for larger image.

This graph from Mortgage News Daily shows mortgage rates since January 2011.

Mortgage rates are essentially at record lows.

This graph is interactive, and you could view mortgage rates back to the mid-1980s – click here for interactive graph.