30-year FRM hits record low at 3.66%
Short-term mortgage rates to remain unchanged, according to 50% of experts polled by Bankrate.com. Experts who account 17% of the poll foresee further drops, while the remaining 37% predicts an increase.
The average U.S. loan interest rate for a 30-year fixed mortgage fell this week to a record low for the 7th time in just 8 weeks. Cheap mortgages take the credit for the modest recovery of the unstable housing market.
Freddie Mac disclosed that the average interest rate on a 30-year loan dropped to 3.66% from its previous rate of 3.71%. This is the lowest interest rate since the long-term mortgages began back in the 1950s.
Meanwhile, the average interest rate for a 15-year mortgage declined to 2.95% from its previous rate of 2.98%. The current rate is just a little higher than the record low of 2.94% hit two weeks ago.
Since December of 2011, the rate on the 30-year loan has been down by a good 4%.
Low rates help the economy if more people refinance. Refinancing at lower rates allow borrowers to pay less interest on their loans and have more cash to spend.
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