Mortgage Rates Drop to New Historic Lows

Mortgage Rates Drop to New Historic Lows

Fixed mortgage rates have dropped to historic new lows for a fourth straight week and are expected to fall further.

As reported by Freddie Mac this past Thursday – the average on a 30-year fixed mortgage fell to 4.01 percent (from 4.09 percent) which is the lowest rate since they began keeping records in 1971. The last time long-term rates were lower was in 1951 when most long-term home loans lasted just 20 or 25 years.

The average on a 15-year fixed mortgage dropped to 3.28 percent which is the lowest rate ever for the loan according to Economists.

Check out our handy calculators to what your monthly payments would be with these new rates.