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Mortgage rates at record low

Mortgage rates at record low

If you’re thinking about buying a house, well, it just got even cheaper!

Mortgage rates are at record lows, again! Interest rates on both 30-year and 15-year-fixed-rate mortgages dropped to new record levels for the third week in a row.

The interest rate on a 30-year fixed mortgage dropped by 0.04 percentage points to 3.79%, according to weekly survey by Freddie Mac. Last year this same type of loan was averaging 4.64%. Today’s rate would save borrowers $50 a month for every $100,000 borrowed, or a total of $21,874 over 30 years.

The interest rate on a 15-year fixed mortgage dropped 0.01 percentage points to 3.04%, according to the survey. The rate on this type of loan was at 3.82% last year, and this new rate would save borrowers $38 a month for every $100,000 borrowed.

Here’s more on this story.

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