Calling all buyers! This past Thursday Freddie Mac reported an average mortgage rate of 4.54%, the lowest rate for a 30-year fixed loan since Freddie Mac began tracking rates in 1971. It is the fifth time in six weeks that Freddie Mac has reported hitting a new low. The last time rates were this low was in the 1950s when most mortgages lasted 20-25 years.
For buyers with secure jobs and excellent credit scores or those who are able to put more than 20% down, it is possible to get an even lower rate! And remember to shop around for the best rates- sometimes bigger banks have the best deals, while other times community banks and credit unions do. Coldwell Banker works with Sunbelt Lending, which has excellent rates right now.
Here's a tip on understanding mortgage rates: quoted rates do not usually include additional fees known as points. One point is equal to one percent of the loan amount.
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