What The Mortgage Rate Yo-Yo of 2010 Means for the Homebuyer in 2011

Mortgage interest rates have never -- seriously never -- been lower than they were this year. Right around the second week of November, interest rates on a 30-year-fixed rate loan dropped to 4.17%, according to Fannie Mae -- by all accounts, the lowest they've ever been in the 40 years or so that industry organizations have been keeping track. That was the 5th consecutive week of record low rates -- rates that were so low, people with "good" rates started refinancing because that week's 3.57% on 15-year loans meant the payment was barely higher than the payment they'd had on their 6%, 30-year fixed mortgage.