The news isn’t really news, as we’ve been experiencing this for a while now, but mortgage rates have once again fallen and reached new lows last week, for the 2nd week in a row. The easing of interest rates is important as continued low rates will help our ongoing house recovery, which in turn helps our entire economic recovery.
Do you know what has helped lead our country out of the last 8 recessions we have experienced? Well, 6 of them have been reversed because of a housing recovery! Do you know what led us out of the other 2 recessions? War. I support a strong housing recovery, don’t you?
~ 30 year fixed rate mortgage rates averaged a low of 3.32%
~ 15 year fixed rate mortgage rates averaged a low of 2.64%
~ 5 year adjustable rate mortgages averaged a low of 2.72%
~ 1 year adjustable rate mortgages averaged a low of 2.56%
Now these are just averages based on a national survey for week of November 29th and I can’t promise you can find that right here right now…..but it will be close!
(source: Freddie Mac)