Okay, so Mortgage Interest Rates are at a NEW record low. This is happening so often, it’s barely even news any more. The fact is that housing interest rates are so unbelievably low it’s almost unreal. Even though Utah home prices will likely drop a little bit more over the next year, from an affordability aspect, the current mortgage rates might be making home affordability the best we will ever see. Here is the mortgage info from CNBC.
U.S. mortgage rates dropped in the past week, with 30-year fixed-rate loans tumbling to their lowest level in 39 years, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Interest rates on 15-year fixed-rate and hybrid adjustable-rate mortgages dropped to fresh lows as well. While low rates and high affordability helped the housing market gain ground over the past year, the sector has struggled since popular home buyer tax credits expired on April 30.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.69 percent for the week ended June 24, the lowest since Freddie Mac started the survey in April 1971. The latest rate is down from the previous week’s 4.75 percent and the year-ago level of 5.42 percent, according to the survey.
Freddie Mac said the 15-year fixed-rate mortgage averaged 4.13 percent, down from 4.20 percent last week and the lowest since Freddie Mac started tracking the mortgage type in September 1991.
via Homebuyers: Mortgage Rates Drop to Lowest Level on Record – CNBC.
