15-Year Mortgage Rate Sinks to Below 4%

This was originally posted by Melissa Juarez this morning. Thanks so much Melissa for keeping everyone informed. Good news does a Friday good!!!

Wow! A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year, fixed-rate loan for less than 4 percent.

Rates haven't dipped this low in decades. For those who can qualify, it's the chance to pay off a home in half the time while saving tens of thousands of dollars - if not more.

The average rate on the 15-year fixed loan dropped to 3.95 percent last week, according to mortgage company Freddie Mac. That's the lowest on records the company has kept since 1991. The average rate for a 30-year fixed loan fell to 4.49 percent. Rates haven't been that low since the 1950s, when longer-term mortgages typically lasted 20 to 25 years.

Applications to refinance loans rose 1.3 percent last week and those to purchase homes increased 1.5 percent, according to the Mortgage Bankers Association.

Diane Casale, Coldwell Banker First
 

 

Follow me on Facebook, Diane CasaleDiane Casale on GoogleFollow Diane Casale on TwitterDiane Casale on You TubeDiane Casale on LinkedIn

DIANE CASALE, REALTOR, ABR, SNP

256-679-6470

Coldwell Banker First

Huntsville, Alabama

 

 Locations of visitors to this page

© 2010 Diane Casale, all rights reserved

 

// Locations of visitors to this page

Comment balloon 0 commentsDiane Casale • August 06 2010 08:42AM

Comments

Participate