Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Average U.S. rates on 30-year and 15-year fixed mortgages dropped to record lows again this week, with the 15-year loan dipping below 3 percent for the first time ever reports Freddie Mac.

The average rate on the 30-year loan dropped to 3.75 percent (down from 3.78 percent last week) which is the lowest since longer-term mortgages began in the 1950s.

The 15-year mortgage, which is a popular option for refinancing, fell to 2.97 percent (down from 3.04 percent last week).

These low rates make it an excellent time to buy or refinance for those who are able. Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!