Rates on Mortgages Still Near Record Lows

Rates on the average 15-year, fixed-rate mortgage hit a new low this week, falling to 2.66%, according to mortgage giant Freddie Mac.

The 15-year is particularly popular with homeowners who want to refinance their old mortgages to a lower rate and pay off their loan more quickly.

Interest rates on 30-year loans, which are popular among first-time home-buyers, averaged 3.37%, a single tick above the record low of 3.36% set two weeks earlier.

Rates have inched down about 0.2 percentage points since the Federal Reserve announced plans in September to buy as much as $40 billion a month of mortgage-backed securities until the economic recovery started gaining momentum.

%d bloggers like this: