30-Year Mortgage Rates Drop Below 4%
For the first time ever, 30-year fixed-rate mortgages fell below 4 percent. In the last month mortgage rates have continued to set new weekly record lows, but the 30-year mortgages’ latest drop to 3.94% may be an important threshold for potential buyers. The 30-year mortgage is the most popular financing option of buyers. 15-year fixed averaged 3.26%, another all time low.
Home buyers taking out loans for purchase is expected to more than double in the next two years.
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
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