Mortgage Rates Hit Record Lows – Again

Mortgage Rates Hit Record Lows – Again
By Les Christie @CNNMoney

NEW YORK (CNNMoney) — Buying a home just got even cheaper as interest rates on both 30-year and 15-year-fixed-rate mortgages set record lows for the third week in a row.

The 30-year fixed mortgage, the most popular mortgage product, dipped by 0.04 percentage points to 3.79%, according to a weekly survey by Freddie Mac. Last year, 30-year loans averaged 4.64%. The new low can save borrowers $50 a month for every $100,000 borrowed. Over a 30-year term, that comes to $21,874.

The 15-year fixed mortgage, which is popular among those looking to refinance, inched down 0.01 percentage points to 3.04%, according to Freddie Mac’s survey. That’s down from 3.82% a year ago. The new 15-year rate would lower borrowing costs to $693 a month for every $100,000 borrowed, a $38 savings compared to last year.

Read more at Mortgage rates hit record lows – again.

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