Mortgage Rates Reach Lowest Level In More Than 3 Years

The average rate of interest on 30-year fixed rate mortgages in the U.S. is down to levels we haven’t seen since early 2013:

 

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The roughly 40 basis point drop in average mortgage rates since the beginning of the year offers home buyers more than $20,000 in savings over the life of a $250,000 mortgage. This a substantial savings and makes home buying much more affordable despite the recent uptick in median home prices across the US.

“With ever increasing rents, high inventory, and very low mortgage rates, the case for buying a home is as strong as its ever been.” ~ Maggie Sadowska, Mega Luxe Homes