For five consecutive weeks, national mortgages rates have been decreasing steadily, making it a perfect time to purchase a home! The 30 year fixed mortgage rate has stayed below 4% and keeping lending and borrowing costs at their lowest for more than a year.
As of October 23, 2014, the 30-year fixed mortgage rates topped 3.92 percent, reaching a new low for the year. This time last year, the 30-year fixed mortgage rates were around 4.19 percent.
The 15-year fixed mortages have averaged around 3.08 percent, with a year ago being 3.24 percent.
The 5-year hybrid adjustable-rate mortgages rounded out at 2.91 percent, where as last year they averaged 3 percent.
One year adjustable-rate mortgages have also gone down, to an average of 2.41 percent. About a year ago, they averaged 2.60 percent.
Fun fact: Closer to the end 1980, national mortgage rates for 30-year fixed mortgages averaged at a whopping 14.79 percent. For a better context, even as recent as 2000, those 30-year fixed mortgage rates were still at a high of 8.52 percent! Of course, lower mortgage rates means lower monthly payments.
*All updated mortgage rate information is taken from Realtor Mag.
Happy Selling!
Marisela Fernandez
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