Mortgage rates today and refinance rates are still very low and have been low since 2010. Current mortgage rates were driven to record lows by The Federal Reserve Bank.
The Fed has keep interest rates very low to both help the economy recover from the worst recession since the great depression of the 1930fs and help the housing market recover from the worst bust ever. Everyone knows the housing boom of the last decade had to end but no one new how bad price declines would be.
About 30 years ago back in the 1980s conforming 30 year fixed mortgage rates were as high as 17.50. Imagine getting a mortgage these days at 17 percent? How bad the housing market is now if we had rates that high the market would never recover.
Even 15 year mortgage rates are in the double digits. If you were need of a jumbo loan interest rates on those mortgages were even higher than conforming rates.
Current 30 year mortgage rates are less than 5.00 percent and have been below 5.00 percent for almost a year now. 15 year loan rates on conforming mortgage rates even lower at around 4.50 percent.
Every week Freddie Mac releases a survey on current interest rates. Todayfs 30 year mortgage rates in the most recent released by Freddie had 30 year loans averaging 4.87 percent. In the same survey, 15 year loans were averaging 4.51 percent.
Remember these rates are just averages, you can get loans lower. Especially if youfre willing to pay points up front at closing. Points, or discount points if you will, allow the borrower to buy down the loan rate. The more points you pay up front the lower the rate will be.
30 year rates were even lower late in 2010. A record low 30 year mortgage rate reported by Freddie in late November was 4.15 percent. 15 year loans were even lower than 30 year loans. In the report 15 year loans averaged 4.09 percent.
If youfre looking for adjustable loans, those were even lower than conforming loans. 5 year adjustable mortgage rates averaged 3.49 percent in the most recent survey released by Freddie Mac.
If youfre in the market for an even short term loan than 5 year loans you can get 1 year or 3 year adjustable loans. Guess what? Those loans are even cheaper than 5 year loans. 1 year loan rates were at 3.12 percent this past week and 3 year loan rates were at 3.25 percent.
Now if you apply for an adjustable loan be prepared to have your monthly payments fluctuate after the initial fixed period ends. So you can get a 5 year loan, after 5 years the interest rate can change based on prevailing rates at the time. Yes, todayfs mortgage rates are low but remember how high they were back in the 1980fs?
Even shorter term adjustable rate, 1 year ARMS are lower than 5 year ARMS and probably the lowest mortgage rates available right now. 1 year adjustable mortgage rates can be quoted at 3.00 percent or even lower if you buy mortgage points when you apply for a loan.
Which ever loan type and term you decide on make sure to do your homework so you donft get into a bad situation that turns worse if mortgage rates go higher. Work with a mortgage broker but also check online, there are many websites that can help you with your search.
The Fed has keep interest rates very low to both help the economy recover from the worst recession since the great depression of the 1930fs and help the housing market recover from the worst bust ever. Everyone knows the housing boom of the last decade had to end but no one new how bad price declines would be.
About 30 years ago back in the 1980s conforming 30 year fixed mortgage rates were as high as 17.50. Imagine getting a mortgage these days at 17 percent? How bad the housing market is now if we had rates that high the market would never recover.
Even 15 year mortgage rates are in the double digits. If you were need of a jumbo loan interest rates on those mortgages were even higher than conforming rates.
Current 30 year mortgage rates are less than 5.00 percent and have been below 5.00 percent for almost a year now. 15 year loan rates on conforming mortgage rates even lower at around 4.50 percent.
Every week Freddie Mac releases a survey on current interest rates. Todayfs 30 year mortgage rates in the most recent released by Freddie had 30 year loans averaging 4.87 percent. In the same survey, 15 year loans were averaging 4.51 percent.
Remember these rates are just averages, you can get loans lower. Especially if youfre willing to pay points up front at closing. Points, or discount points if you will, allow the borrower to buy down the loan rate. The more points you pay up front the lower the rate will be.
30 year rates were even lower late in 2010. A record low 30 year mortgage rate reported by Freddie in late November was 4.15 percent. 15 year loans were even lower than 30 year loans. In the report 15 year loans averaged 4.09 percent.
If youfre looking for adjustable loans, those were even lower than conforming loans. 5 year adjustable mortgage rates averaged 3.49 percent in the most recent survey released by Freddie Mac.
If youfre in the market for an even short term loan than 5 year loans you can get 1 year or 3 year adjustable loans. Guess what? Those loans are even cheaper than 5 year loans. 1 year loan rates were at 3.12 percent this past week and 3 year loan rates were at 3.25 percent.
Now if you apply for an adjustable loan be prepared to have your monthly payments fluctuate after the initial fixed period ends. So you can get a 5 year loan, after 5 years the interest rate can change based on prevailing rates at the time. Yes, todayfs mortgage rates are low but remember how high they were back in the 1980fs?
Even shorter term adjustable rate, 1 year ARMS are lower than 5 year ARMS and probably the lowest mortgage rates available right now. 1 year adjustable mortgage rates can be quoted at 3.00 percent or even lower if you buy mortgage points when you apply for a loan.
Which ever loan type and term you decide on make sure to do your homework so you donft get into a bad situation that turns worse if mortgage rates go higher. Work with a mortgage broker but also check online, there are many websites that can help you with your search.
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