Mortgage Rates Plummet to New Records - East Idaho News
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Mortgage Rates Plummet to New Records

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GETTY B 042511 HomeMortgageAgreement?  SQUARESPACE CACHEVERSION=1338477413708Digital Vision/Thinkstock(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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