Mortgage Rates Fall to Record Low Levels: Monthly Payments on A Median Price Home Only $677
Based on data released today by Freddie Mac:
1. Rates for the 30-year fixed mortgage fell to a new all-time historic low this week of 4.15%, which is slightly below previous record low for the 30-year rate in mid-November of last year of 4.17% (see top chart above).
2. The average fixed rate for 15-year mortgages fell to 3.36%, the lowest rate in the history of this series, which started in 1991 (see middle chart).
3. The rate for one-year adjustable mortgages fell to 2.86% from 2.89% last week, setting a new all-time record low going back to April 1986, when weekly data for ARMs started being collected (see bottom chart).
MP: It's a great time to buy a house or refinance your mortgage. For the current median price home of $174,000, with a 20% down payment, monthly payments for principal and interest would be:
30-year 4.15% fixed rate: $676.66 per month
15-year 3.36% fixed rate: $985.57
1-year 2.86% ARM: $576.41