Mortgage rates reach record lows

Mortgage rates dropped significantly this week and hit a new record low following the Federal Reserve’s purchases of mortgage securities, according to Freddie Mac.

The 30-year-fixed rate mortgage was 3.4 percent, down from 3.49 percent last week. A year ago at this time, the average 30-year, fixed-rate mortgage was 4.01 percent.

The 15-year, fixed-rate mortgage dropped to 0.6 percentage point to 2.73 percent this week. A year ago the average 15-year, fixed-rate mortgage was 3.28 percent.

Monthly payments on a $300,000.00 mortgage for a 30 year fixed rate loan at an   Interest Rate of  3.400% would be $1,330.44 for principal and interest

“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” Freddie Mac Chief Economist and Vice President Frank Nothaft said in a statement

Historic mortgage rates since 1984

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