Mortgages Still at Record Low Rates
If you’re looking to buy a new home, the time may be right now. Rates on 30-year mortgages are still the lowest on record in about three decades.
The Federal Reserve’s effort to assist the staggering U.S. housing market is making for a “buyer’s market.” Currently, local levels for interest rates on a 30-year fixed mortgage rate product are around 4.25% to 4.6%.
Borrowers hoping to refinance existing home loans are also finding record-low rates.
Nothnagle realtor Daren Arrington explains how to break down savings on a $100,000 mortgage.
“So you take that monthly savings between the 4.25% and a 6.25%, and you are talking about a 10-year savings of $12,400, which would help someone contribute to college funds,” Arrington said. “There is a historic low interest rate and it is a perfect time to be purchasing a home.”
Nationwide, mortgage rates averaged about 4.44% last week for a 30-year, fixed-rate product. That is a new record low in Freddie Mac’s 39-year survey.
Nothnagle Realtors