Categorized | Finance and Mortgage

Interest Rates Fall to Another New Record-Low

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Mortgage rates in the United States continue to fall to new record-lows. The most recent reports regarding thirty-year fixed-rate mortgage loans shows that interest rates have fallen to 3.91 percent. That number is down three hundredths of a percentage point from the previous record-low of 3.94 percent.

The latest thirty-year fixed-rate mortgage loan rate is nearly a full percentage point less than what it was just one year ago. The same can be said about the fifteen-year fixed-rate mortgage loan, which continues to sit at just over three percent.

The record-low rates are saving homebuyers thousands of dollars each year on their home loan. In addition, current homeowners that have been able to refinance are also seeing more money in their pocket as a result of the lower mortgage rates.

While the record-low mortgage rates did not create the immediate impact in growth as many in the real estate sector had hoped, the numbers are finally starting to improve. Analysts believe that the greater affordability associated with the new home loan rates has led to an increase in home sales over the last two months.

The current low rates will likely continue to remain at their current levels, or even drop further, as both lenders and the government look to do whatever it takes to help the housing market recover. With revisions made to the HARP program, more homeowners will be able to take advantage of the low rates in 2012, providing a boost to the market, as well as to the overall economy.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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