Mortgage Rates Slump to Record Lows

New York, July 7 (alphajetsusa.com) – Mortgage rates continued with their downward slide as they reached record lows this week. Lenders offered the 30-year loan at an average of 3.62%, down from the previous record low of 3.66%, set during the last two weeks. Freddie Mac said that the 30-year loan has hit or matched a record low in 10 of the last 11 weeks.

The 15-year fixed-rate mortgages were being offered by lenders at a record low of 2.89 percent this week, down from 2.94 percent, a week ago. Freddie Mac said that the starting interest rates for adjustable-rate mortgages were also at or near record lows this week. The agency added that borrowers would have paid on average 0.8% of the loan amount to the lenders to obtain the 30-year loan at the record low rate and 0.7% of the amount on the 15-year loan.

Early each week, a survey of lenders is carried out by Freddie Mac across the nation. It investigates the terms being offered by them on loans of as much as $417,000 to borrowers with good credit and 20 percent down payments for home purchases or at least that much equity in their property if refinancing is being done.

In such cases, borrowers are often able to find slightly better rates if they look around. Lower rates can also be obtained by them by making additional payments, known as discount points, to their lenders.

Mable Andrew
Mable Andrew has more than 10 years of experience as a personal finance consultant in money matters and has been writing since her college days. She likes writing about ideas that intrigue her as a trader. Mable has distinguished herself as a reputable and trusted investment planner, and advisor as well. Email: mable.andrew@alphajetsusa.com Tel: (732) 452 3610

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