The nation's mortgage rates have hit another record low. According to mortgage giant Freddie Mac, mortgage rates dropped again this week to historic lows on both 15-year and 30-year fixed rate loans.
Mortgage experts say the average rate on the 30-year fell to 3.34% percent and the 15 year fell to 2.65% percent and is the result of an increased demand for government bonds. A mortgage information company says in the wake of last week's stock sell off after the election, many investors put their cash in Treasury bonds which lowers bond yields and mortgage rates tend to follow.
The Mortgage Bankers Association says another factor for the drop was a decrease demand for loans because of Hurricane Sandy. With these record low rates, a home buyer today would save about $27 a month for every $100,000 borrowed, compared with last November. That's a savings of $486 a year on a typical mortgage balance of $150,000.
A Berryhill resident and his son-in-law helped pull about 17 people from the rubble following Monday's tornado in Moore.Sam Myers, 65, was visiting for his granddaughter's sixth grade graduation when newsMore >>
A Berryhill resident and his son-in-law helped pull about 17 people from the rubble following Monday's tornado in Moore.More >>
Angelina Jolie says that she has had a preventive double mastectomy after learning she carried a gene that made it extremely likely she would get breast cancer.More >>
"I hope that other women can benefit from my experience," Angelina Jolie wrote in a powerful op-ed article Tuesday, explaining her decision to go public with having her breasts removed to avoid cancer.More >>
Britain's Prince Harry is headed to the New Jersey shore to visit two communities hard hit by Superstorm Sandy.More >>
Britain's Prince Harry toured two New Jersey shore communities devastated by Superstorm Sandy, shaking hands with emergency personnel and construction workers before spending Tuesday afternoon in New York City at events...More >>