Buying and selling real estate in the communities of Long Island
Mortgage interest rates at record lows
Mortgage interest rates have yet again broken records, Freddie Mac reported Thursday.
The 30-year fixed-rate mortgage averaged 3.75 percent with an average 0.8 point for the week, down from 3.78 percent last week. This time last year, the average was 4.55 percent.
“Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower, which translates into nearly $1,200 less in annual payments on a $200,000 loan,” said Frank Nothaft, vice president and chief economist.
On Long Island, the median home price for April was $341,500, according to the Multiple Listing Service of Long Island. The annual savings on a 30-year fixed home loan of that size would be $1,908 at today’s rates compared with rates a year ago.
The 15-year fixed-rate home loan this week averaged 2.97 percent with an average 0.7 point. The average was 3.04 percent last week and 3.74 percent this time last year.