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Mortgage Rates Plunge To A New Low (4.58%)
Time to Buy... Mortgage rates have fallen to their lowest levels of the last 50 years.
Mortgage rates fell to 4.58% this week on 30-year fixed-rate loans, according to Freddie Mac's weekly survey. That beats last week's mark of 4.69%, which was already the lowest since Freddie's count began in 1971. Average rates on 15-year fixed-rate loans were down to a record-low 4.04%.
Mortgage rates have sunk to the lowest level in more than five decades. The last time mortgage rates were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.
Rates on 15-year fixed-rate mortgages fell to an average of 4.04 percent, the lowest on records dating to September 1991 and down from 4.13 percent a week earlier.Rates on five-year adjustable-rate mortgages averaged 3.79 percent, down from 3.84 percent a week earlier. That was also the lowest on Freddie Mac's records, which date back only to January 2005.
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