This week, all mortgage rates in the US have gone lower, once again reaching new record-low levels which haven't been seen in over 40 years. These are by far the best mortgage rates that have been seen in nearly half a century.
30-year mortgage rates decreased this week by 0.09%, from 3.49% last week to 3.4% this week, which is a new record-low mortgage rate that hasn’t been seen in over 4 decades.
15-year fixed-rate mortgages have also decreased from 2.77% last week to 2.73% this week. This drop in interest rates has created a new record-low rate for 15-year mortgages in more than 40 years.
5-year adjustable-rate mortgages have also decreased from 2.76% last week to 2.71% this week, which is only 0.02% above the lowest rate these mortgages have reached in the last few decades.
After 3 consecutive weeks of record-low 1-year adjustable-rate mortgages at 2.61%, this rate has finally decreased again. The drop that occurred this week brought the interest rate down to 2.6%, creating a new record-low for the 1-year mortgage rate.
If you want to refinance your home or purchase a new home, I recommend that you take advantage of these low mortgages rates now, while they’re still at these low levels.
updated Sep 28, 2012
Katrina Gutierrez is a writer at GET.com, a lifestyle and personal finance website. Email: firstname.lastname@example.org.
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