Although home mortgage rates continuously go up and down, they have been historically low over the last couple of years. This has enabled more buyers to afford a home. But this summer, the average rate on a 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time in recorded history.
The rate on a 30-year mortgage can now be as low as 3.49 percent, which is the lowest since long-term mortgages began in the 1950s. The average rate on a 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That’s below any previous record. The rate on the 30-year loan has fallen to a record low level, in 13 of the past 14 weeks.
Cheaper mortgages have helped drive an active real estate market. Borrowing money is simply more affordable. For example, if you get a 30-year fixed mortgage today at 3.5 percent, you are going to pay a little over $350 per month for every $100,000 you have borrowed.
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