Spring Tx Real Estate News

U.S. Rate on 30-Year Mortgage Hits New Record Low of 3.49% Date Posted: 08/03/2012

Source: time.com

By Justin Bailey

The average rate on the 30-year fixed mortgage dipped again, this time slipping below 3.50 percent for the first time on records dating back 60 years. According to mortgage buyer Freddie Mac, the rate on the 30-year loan declined to 3.49 percent. That’s down from 3.53 percent last week and the lowest since long-term mortgages started in the 1950s. The average rate on the 15-year fixed mortgage dropped to 2.80 percent. That’s below last week’s previous record of 2.83 percent. The rate on the 30-year loan has decreased to or matched record-low levels in 13 of the past 14 weeks. In order to calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week. The average rate on one-year adjustable rate mortgages jumped to 2.71 percent from 2.69 percent. The fee for one-year adjustable rate loans jumped up to 0.5 point from 0.4 point. The average rate on five-year adjustable rate mortgages increased to 2.74 percent from 2.69 percent last week. The fee remained unchanged at 0.6 point.

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