Mortgage rates have hit new record lows according to Freddie Mac. The newest rate for a 30-year fixed-rate loan has dropped to 3.62% from 3.66% last week. In the past 11 weeks the rate has matched or hit a new low 10 times.
Buyers who want to minimize their monthly payments by opting for a 30-year loan would have payments of just $911
a month on a $200,000 loan. But they would pay $128,000 in interest over the life of the loan.
The same 30 year loan was at 4.6% one
The 15 year fixed rate fell to 2.89% from 2.94%.
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