The average rate for a 30-year-fixed mortgage has dropped to the lowest level in 37 years! Mortgage rates started falling after the Federal Reserve launched their new effort to aid the markets by purchasing up to $600 billion of mortgage-related securities in November.
30-year, fixed mortgages are at 5.06 percent, according to financial publisher HSH Associates, the lowest since the 1960s and down from 5.3 percent yesterday. It is the best news in months for anyone looking to lock in a 30-year mortgage.
The average rate on a 15-year fixed-rate mortgage also dropped to 4.92 percent from 5.2 percent last week, according to Freddie Mac.
Local mortgage bankers are already reporting a surge in refinance and home purchase activity as borrowers rush to lock in the low rates.
If you are interested in refinancing your current mortgage or would like to apply for a mortgage to purchase a home please give us a call. Max Leaman, Senior Loan Officer - 512-617-5636