Record Low Mortgage Rates Continue

According to Freddie Mac, the record low mortgage rates are hanging on just a little longer. Last week, the 30-year fixed rate mortgage averaged 3.66 percent, down almost an entire percentage point from last year at this time. The 15-year fixed rate mortgage dropped to a record low 2.94 percent, down from last year’s 3.69 percent.

Freddie Mac estimates that these record low rates will eventually begin to climb; however, for the time, they are staying low affording more homeowners and homebuyers to lock-in these all-time low rates. Though this week’s record low rates are virtually unchanged from last week, they did continue to a downward trend.

The continued low-rates have been vital to the rebuilding of the real estate market nationwide. The interest rate trend continues to make home ownership and refinancing more accessible to current and potential homeowners.

How long will these low rates last? Experts continue to predict low rates, though how low and for how long is the question. These rates continue to support the increasing economy and make home ownership affordable again after almost a decade of a volatile housing market.

If you are contemplating the purchase of a home, there is no better time to lock in low interest rates and secure a mortgage. With a large supply of homes available and many potential buyers entering the buying scene, the real estate market is steadily recovering from its stagnant status over the past several years.

Record low mortgage rates continue for now. Since no one can guess how long the Federal Reserve will continue to support these low rates, it is best to consider locking in these record-low rates in order to secure a fixed rate mortgage if you are in the market to purchase a home this summer.

Freddie Mac is one of the largest providers of housing financing and continues to help potential homeowners acquire financing to make home buying a possibility. Freddie Mac continues to report record jumps in new home buying as well as existing home buying continuing to rebound for the first time in over two years.

Source: Freddie Mac

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