US Mortgage Rates Drop to New Record Lows

How low can they go? US Mortgage Rates Drop to New Record Lows

The average U.S. rates on fixed mortgages dropped again to record lows, giving would-be buyers even more incentive to brave the housing market.

Freddie Mac reported Thursday that average rate on the 30-year loan fell to 3.56 percent (down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s).

The average rate on the 15-year mortgage dropped to a record low of 2.86 percent (below last week’s previous record of 2.89 percent).

The rate on the 30-year loan has fallen to or matched record low levels in 11 of the past 12 weeks.

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!