Thinking of buying or refinancing? Now is an excellent opportunity with affordable home prices and mortgage interest rates hitting record lows!
Mortgage Rates Drop to Lowest on Record!
Freddie Mac reported Thursday that the average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating back to 1971.
The rate on 30-year fixed mortgage dropped to 4.15 percent (down from 4.32 percent last week).
The last time long-term rates were lower was in the 1950s. At that time 30-year loans weren’t widely available and most long-term home loans lasted 20 or 25 years.
The average rate on a 15-year fixed mortgage dropped to a new record low of 3.36 percent. While Freddie Mac’s records date back to 1991, many analysts believe this new low for the 15-year mortgage is the lowest ever.
Wondering how much mortgage you can afford? Or what your monthly payments would be? Check out our calculators to see!