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30-year mortgage hits record 3.84%

By
Real Estate Agent with Illustrated Properties
 

May 4, 2012 – Average U.S. rates for a  30-year and 15-year fixed mortgages fell to record lows this week, offering more incentive for Americans to buy and/or refinance homes.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.84 percent. this is the lowest rate  since long-term mortgages began in the 1950s. That is below the previous record rate of 3.87 percent reached in February.

The 15-year mortgage, dropped to 3.07 percent. The previous record of 3.11 percent was hit three weeks ago.

The average on one-year adjustable rate loans also dropped to a record low of 2.7 percent last week, down from 2.74 percent last week.

Comments (1)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

These interest rates are fabulous and should get the buyers interested in the market.

May 06, 2012 11:20 PM