Mortgage Rates Dip Below 4 Percent

Dated: 10/28/2014

Views: 185

National mortgages rates have been decreasing steadily, for the for the past five weeks, making this a great time to buy a home! The 30 year fixed mortgage rate is  once again below 4% which means lending and borrowing costs at their lowest rates for more than a year. 

On October 23, 2014, the 30-year fixed mortgage rates was 3.92%, reaching a new low for the year. Today the rate is at 3.99 %. Last year at this time,, the 30-year fixed rate mortgage was about 4.19%. The 15-year fixed rate mortgage is 3.16% compared to a year ago's rate of 3.24% percent.
Compare that to the end 1980 when national mortgage rates for 30-year fixed loans averaged at a whopping 14.79%.  Even as recent as the year 2000, a 30-year fixed rate mortgage was at a high of 8.52%!
What that means for you is 
lower monthly payments and affordable home prices. 

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Michael Eisenberg

Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....

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