Another Record Lower in Mortgage Rates
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30-year fixed mortgage rate set a new record low of 3.78 percent recently. The average 15-year fixed mortgage rate inched downward to 3.04 percent, while the jumbo 30-year fixed mortgage retreated to 4.43 percent, both record lows. Adjustable mortgage rates were lower, with the average 5/1 ARM rate falling to 2.89 percent and the 7/1 adjustable pulling back to 3.05 percent. Both of those are also record lows.
According to information firm Bankrate.com, the last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $312 per month for anyone refinancing now.
According to information firm Bankrate.com, the last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $312 per month for anyone refinancing now.
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