30-year fixed rate mortgage rates made new, all-time lows once again this week.
According to Freddie Mac's weekly mortgage rate survey of more than 125 banks nationwide, the average 30-year fixed rate mortgage rate fell 4 basis point to 3.62% nationwide.
The rate is available to conforming, prime borrowers. A "prime" mortgage applicant typically has excellent credit, verifiable income, and at least 25% equity in their home.
And, it's not just the 30-year fixed rate mortgage that made new lows in this holiday-shortened week, either. The 15-year fixed rate mortgage did, too, falling 5 basis points to 2.89%, on average.
Today's low rates are terrific for both home buyers throughout Minnesota and existing homeowners looking to make a refinance. As compared last year at this time, mortgage rates are down by 98 basis points -- nearly one full percentage point.
Mortgage payments are much lower today as compared to
July 2011 :
- July 2011 : $512.64 principal + interest per $100,000 borrowed
- July 2012 : $455.77 principal + interest per $100,000 borrowed
Today's rates yield an 11 percent payment discount as compared to last year.
Mortgage rates are unpredictable so there's no guarantee that low rates will last forever, much less through the summer. If today's rates meet your household budget, consider locking something in.