If you can get a new mortgage or refinance an existing one, There has really NEVER been a better time. Interest rates have fallen to incredible new lows.
The 15 year mortgage is traditionally lower than the 30 year mortgage….The theory is; Make bigger payments, at a lower interest rate, and have your home payed for in 15 years. Well..to make that a little easier, The interest on a 15-year loan has dropped below 3 percent for the first time ever, according to data from Freddie Mac.
The average rate on the 30-year loan fell to 3.75 percent. That’s down from 3.78 percent last week and the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage rate is down to 2.97 percent this week from 3.04 percent last week. All we can say is WOW!!!