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Mortgage Rates Dip Below 4 Percent
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.
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....