Record Breaking Interest Rate on a 30 Year Mortgage
If you have been sitting on the fence regarding a new home purchase now may be the time to finally get off. Interest rates on a 30 year mortgage hit an all time low at 4.15%, beating the previous record of 4.17% reached last November. The last time interest rates were this low was 1971. Interest rates on a 15 year fixed rate loan dropped to 3.36%. At the time this article was published interest rates from Bank Rate can be seen in the graphic to the right.
With the recent debt scare and a sluggish economy, analysts expect interest rates to stay low.
The Federal Reserve offered a dim outlook of the economy last week, saying it expects growth will stay weak for two more years. As a result, the Fed said it expects to keep short-term rates near zero through mid-2013.
You can read the full article from the Denver Post here.
Contact us today if you are interested in taking advantage of these rates.
Tags: 30 year mortgage rates, record breaking interest rates 2011, record low interest rates
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Nov 10, 2011
I’m 34 years old. Yes, 30 year mortgage seems like a sound financial option, but will I be able to cover the payment when I become 60+?
Dec 07, 2011
But as rates have been dropping, restrictions have been placed on lenders, making the people that actually get these great rates few and far between. Comparison shopping is more important than ever and people need to really do their homework to get a great rate.