Interest Rates Hit Historic Lows…Again!

You know, one day we will look back and think, “why didn’t I care more when interest rates were so insanely low?!” I bet people who purchased in the 80’s who dealt with interest rates around 15% would appreciate our 3.84%! Rates on 30-year fixed-rate mortgages averaged 3.84 percent with an average 0.8 point for the week ending May 3, down from 3.88 percent last week and 4.71 percent a year ago, Freddie Mac said in releasing the results of its weekly¬†Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971, breaking the old record of 3.87 percent set during the first three weeks of February.

For 15-year fixed-rate mortgages, rates averaged 3.07 percent with an average 0.7 point, down from 3.12 percent last week and 3.89 percent a year ago. That’s also a new low in records dating to 1991, breaking the previous record of 3.11 percent set just three weeks ago.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.85 percent with an average 0.7 point, unchanged from last week but down from 3.47 percent a year ago. Rates on five-year ARMs hit an all-time low in records dating to 2005 of 2.78 percent during the week ending April 19.

For one-year Treasury-indexed ARM loans, rates averaged 2.7 percent with an average 0.6 point, down from 2.74 percent last week and 3.14 percent a year ago.

Use my mortgage calculator to see what your mortgage payment would look like with an interest rate of 3.84%!

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