Mortgage rates break all records

by Gary and Lisa Schoeffler on May 3, 2012

in Latest News

Interest rates on fixed-rate mortgages broke all-time record lows, Freddie Mac said today, announcing the results of its weekly mortgage survey.

  • 30-year fixed-rate mortgages: The average 30-year home loan was 3.84%. Borrowers paid an average 0.8 point (a point is 1% of the loan amount). That’s down by 0.04 of a percentage point from last week. This week last year, 30-year rates averaged 4.71%.
  •         15-year fixed-rate mortgages: Borrowers scored an average rate of 3.07% on 15-year loans, paying 0.7 point. That’s a 0.05 drop from last week. This time last year 15-year rates averaged 3.89%.
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