30-year mortgage rate just hit record low. If you heard of mortgage hitting its bottom, it is because 30-year mortgage rate just hit its eighth record low. The average interest rate of 30-year fixed rate is 2.88% recently according to Freddie Mac. 15-year fixed rate mortgage dropped to an average of 2.44% which is the lowest level based on Freddie Mac’s 50 year survey. Per Freddie Mac, the low rate gives the home buyers more purchasing power and increase demand in the real estate market. As per Freddie Mac’s chief economist Sam Khater, we expect rates to stay low and continue to propel the purchase market forward.
“There are pools of loans being sold right now with average rates of 2.625%, meaning some people are getting rates at 2.375-2.5%,” said Matthew Graham, chief operating officer at Mortgage News Daily.

Don’t miss the chance to lower your payment and ask for the lowest rate that you can have.