Tuesday, June 05, 2012 / by Nathan Clark
Mortgage Rates Hit All-Time Lows
One of the reasons home sales in many markets around the United States continue to rebound is low interest rates on home loans. Last week, those rates hit all-time lows.
According to Freddie Mac, the national average on a 30-year, fixed-rate mortgage was 3.75 percent for the week ending June 1. That figure is down from 3.78 percent the week before, and it represents the lowest rate since long-term mortgages got their start 70 years ago.
Also according to Freddie Mac, the national average on a 15-year, fixed-rate home loan fell below 3 percent for the first time in history, dropping to 2.97 percent for the week.
Overall, rates are almost a percentage point lower than they were this time last year, which typically represents a $50 monthly savings for every $100,000 borrowed on a 30-year, fixed-rate loan.