30-Year Fixed Rate Mortgage Rates Fall To 3.62% Nationwide On Average
By David Kosmecki
(American Pacific Mortgage)
30-year fixed rate mortgage rates made new, all-time lows once again this week. According to Freddie Mac's weekly mortgage rate survey of more than 125 banks nationwide, the average 30-year fixed rate mortgage rate fell 4 basis point to 3.62% nationwide. The rate is available to conforming, prime borrowers. A "prime" mortgage applicant typically has excellent credit, verifiable income, and at least 25% equity in their home. And, it's not just the 30-year fixed rate mortgage that made new lows in this holiday-shortened week, either. The 15-year fixed rate mortgage did, too, falling 5 basis points to 2.89%, on average. Today's low rates are terrific for both home buyers throughout Minnesota and existing homeowners looking to make a refinance. As compared last year at this time, mortgage r...