Fifteen-year fixed rate mortgages and five-year adjustable rate mortgages hit record lows this week due to speculation that the U.S. economy is weaker than previously thought.
According to Freddie Mac, mortgage rates are averaging 3.54 percent compared to 3.66 percent last week and 3.95 percent one year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.18 percent, down from 3.25 percent last week and 3.63 percent a year ago. Rates on 30-year fixed-rate mortgages also fell, averaging 4.39 percent, their lowest level for 2011.
Many people aren’t taking advantage of low rates because they fear they will not qualify as a result of stricter financing requirements. Other people feel that prices have yet to bottom out. If you are considering a mortgage, it may be best to consult a professional mortgage loan officer to see what the scoop really is. Every person’s situation is unique and there are many mortgage loan products. A professional can help you discover what options are best suited to your needs.