Mortgage Rates Below 4%
OK, being 40 years old I know of times when rates were 18% but I wasn’t yet buying houses in those years. I’m used to 8-12% for most of my adult life and seeing rates below 6% has been exciting. Now rates are dipping under the 4% mark and I’m in shock.
It makes me want to run out and refinance the few properties that I have and buy several more. Given that home prices are as low as they are, I’m not sure I’ll be able to resist the urge to buy more properties…
“Mortgage rates have never been cheaper, with the 30-year rate falling below 4% for the first time in history.
The interest rate on a 30-year fixed-rate loan fell to 3.94% this week, the lowest rate since mortgage giant Freddie Mac (FMCC, Fortune 500) began tracking it. Meanwhile, the average for a 15-year fixed-rate mortgage also hit a record, falling to 3.26%.
“Average 30-year conventional fixed mortgage rates fell below 4% for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew,” said Freddie’s chief economist, Frank Nothaft.”