(NEW YORK) — If you can get a new mortgage or refinance an existing one, interest rates have fallen to incredible new lows.
For the first time ever, interest on a 15-year loan has dropped below 3 percent, according to data from Freddie Mac. The rate is down to 2.97 percent this week from 3.04 percent last week.
The average rate on the 30-year loan also hit a new low, falling to 3.75 percent from last week’s 3.78 percent. The figure is the lowest since long-term mortgages began six decades ago.
If the economy doesn’t fall apart in other ways, these low rates may help the housing market as we are now in buying season.
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