According to Freddie Mac, the typical rate that lenders are offering on a standard 30-year mortgage is back below 4 percent for the second time this year.
The rate decreased from an even 4 percent in Freddie Mac’s survey last week to 3.99 percent.
In the past 40 years, the 3.94 percent rate recorded in the October 6 report was the lowest that Freddie Mac has been asking lenders across the nation about the rate they are offering on the 30-year loan.
The usual interest rate on the 15-year fixed home loan slipped to 3.30 percent from 3.31 percent in the latest survey.
Borrowers would have paid under 1 percent of the loan balance in fees to obtain the loans, according to Freddie Mac.
Solid borrowers who shop around can often discover better rates than those in the survey, and paying additional points upfront to lenders may lower the rate as well.
The mortgage rates are a significannt boon for home buyers and refinancers with solid credit and income.
Source: southbendtribune.com