Mortgage rates on 30-year loans have fallen to a record low for the second week in a row.

According to McLean, Virginia-based Freddie Mac, which has been tracking rates since 1971, rates on 30-year fixed interest loans dropped to 4.58 percent in the last week, down from 4.69 percent the previous week. Additionally, the average 15-year fixed fixed interest loan rate fell to a record 4.04 percent. 

Unfortunately as the interest rates plummet, the housing market does as well. The National Association of Realtors reported a thirty percent drop in may contracts to buy previously owned homes as the home-buyer tax credit expired. 

A one-year adjustable-rate mortgage (ARM) averaged 3.80 percent last week, up from the previous week's 3.77 percent.

If you are looking to refinance your mortgage, working through an experienced legal professional can help you get the best results with the least amount of headache. Contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608 today.