Mortgage interest rates at record lows
The National Association for Business Economists says economists are slightly more optimistic about recovery in the housing market. Credit: iStock
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.
