Just when you think mortgage rates can’t go any lower, they do. Mortgage Rates Hit ALL Time Low this past week – historic lows. As someone who once had a mortgage loan at 14% in the 1980’s (I know – I’m dating myself) even 5% seems amazing to me.
At the end of 2018 all the “experts” were forcasting interest rates rising to 5.0% and more during 2019. Well, they were wrong again. Not only have they not trended up to that point, instead they have trended down the last year plus. This time last year the 30 year fixed mortgage rate was approximately 4.41%.
Currently 30 year fixed mortgage rates are in the low 3’s.
Currently 15 year fixed mortgage rates are now BELOW 3%.
The way this is SOOOOO helpful to borrowers is that you can buy a more expensive home if interest rates are lower. If you could afford a $400,000 home last year with interest rates at 4.41%, you could have the same payment but buy a more expensive home with lower interest rates.
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