Interest rates are a big portion of how much you have to pay each month to live in your house. Last week interest rates fell to a three-year low.
Translation: If you are thinking of buying a home in the near future or refinancing the one you are living, lock in this low interest rate. NOW.
According to the latest data released last week by Freddie Mac, the 30-year fixed-rate average slipped to 3.58 percentwith an average 0.5 point, its lowest level since May 2013. (Points are fees buyers pay to a lender equal to one percent of the loan amount.) It was 3.67 percent a year ago. The 30-year fixed-rate has dropped 43 basis points since the start of the year.
The 15-year fixed-rate average slid to 2.86 percent with an average 0.5 point. It was 2.94 percent a year ago. The last time the 15-year fixed rate fell this far down was also in May 2013.
To me, 3.58 percent is virtually FREE. When I bought my first house in 1978 during a period of raging inflation, my interest rate was 21 percent. Yep. 21 percent. That is not a typo. And that was a good rate since I had stellar credit!
Did I forget to mention, now is a good time to lock in that rate with your favorite mortgage lender?
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