As of today, June 7th, 2012, mortgage rates are at new record lows, according to the GSE, Freddie Mac.
As reported on the CNN Money website, mortgage rates have dropped to an average of 3.67%. Mortgage rates have been declining for six straight weeks, and the troubled economy is probably to blame. This time last year mortgage rates were averaging 4.49%.
According to the report “Freddie Mac, one of the nation’s largest backers of mortgage securities along with Fannie Mae, also said the average rate for 15-year mortgage — which is popular for refinancing — dropped to 2.94%. That’s compared to 2.97% in the prior week, and the year-ago average rate of 3.68%.”
If you are considering purchasing or refinancing a home, now is the time to take advantage of cheap financing.
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