Fixed-Rate Mortgage Rates
According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 3.68 % for June 2012, which is slightly lower than 3.80% in May. At this time last year, the 30-year fixed-rate mortgage averaged 4.5%, a significantly higher number.
What this means: An individual with a $400,000 mortgage would save about $2,000 annually with today’s mortgage rates as compared to last year’s rates.
According to Y Charts, this week’s mortgage rates are as follows:
- 30-Year Fixed: 3.56 % (As compared to 3.62% last week and 4.60% last year)
- 15-Year Fixed: 2.86% (As compared to 2.89% last week and 3.75% last year)
- 1-Year Adj: 2.69% (As compared to 2.68% last week and 3.01% last year)
With mortgage rates continually falling to record lows, more prospective home buyer’s are seriously considering purchasing. Not only are these low interest rates appealing to first time home buyers, but they are also great for current home owners, allowing them to refinance their homes at lower rates. Inevitably, less money spent on loans means more money that consumers can put into savings. These low mortgage rates are slowly bringing the housing economy back to where it should be across the United States.