National average for a 30-year fixed loan dips to 4.69 percentMortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.
Mortgage company Freddie Mac says the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.
That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five year mortgages also hit lows.
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This is a very good thing. A 1% point difference on a 250K/30 year fixed loan is roughly 50K in interest payments. Although currently the gov't does have tax-reimbursements for your mortgage interest, some in Congress have talked about possibly getting rid of that(We all know nothings off the table, and they'll do anything for more revenues).
ReplyDeleteUnfortunately, people need to realize that this number takes into consideration that a point is paid upfront on the loan because that is how Freddie publishes their statistics. A true zero point quote would be slightly higher. Still, they are REALLY low!
ReplyDeleteGreat for young buyers such as myself!
ReplyDeleteThe good news: Rates are very low.
ReplyDeleteThe bad news: Try to get a loan!