Thinking of buying? 15-year mortgage rate hits all-time record low

Source: Freddie Mac (Click to Enlarge)

Now could be your best time to buy a home or refinance the one you have as mortgage rates continuing to push lower, Freddie Mac reported today. The 30-year, fixed-rate mortgage averaged 3.35 percent this week while the 15-year, fixed rate set a new record low at 2.56 percent. Read the Freddie Mac release.

“Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term,” said Freddie Mac Vice President and Chief Economist Frank Nothaft.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.