How sweet are the record-low mortgage rates today? Can you just taste it? That 'I've arrived' feeling when you are sitting on your fluffy couch in your recently purchased new home. Food cooking on the granite counter island. Yes, owning a home is no longer a dream. It can be accomplished. This weekend marks the sixth consecutive week that mortgage rates have stayed at or near all-time lows.
Freddie Mac reports the following national averages with mortgage rates for the week ending May 14:
- 30-year fixed-rate mortgages: averaged 3.28%, with an average 0.7 point, rising from last week’s 3.26% average. Last year at this time, 30-year rates averaged 4.07%. The lowest average on records dating back to 1971 is 3.23%, which was set the week ending April 30.
- 15-year fixed-rate mortgages: averaged 2.72%, with an average 0.7 point, falling from last week’s 2.73% average. A year ago, 15-year rates averaged 3.53%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.18%, with an average 0.3 point, rising slightly from last week’s 3.17% average. A year ago, 5-year ARMs averaged 3.66%.
So what are you waiting for? If you can swing it, swing high, jump, take the plunge. Put that shiny car in its new garage, invite those friends over for dinner and wine, cuddle up with your significant other beside the fire, jump in the pool with your kids, run the yard with your happy dog. Don't be shy, now is the time to buy.
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