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.