Mortgage rates hover around all-time lows Inman.com
Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey .
A separate survey by the Mortgage Bankers Association showed low rates aren't getting buyers off the fence, with demand for purchase loans remaining near 15-year lows last week.
Freddie Mac's survey showed rates on 30-year fixed-rate mortgages averaged 4.22 percent with an average 0.7 point for the week ending Sept. 1, unchanged from last week but well below the 2011 high of 5.05 percent seen in February. The average for a 30-year fixed-rate mortgage hit an all-time low, in records dating to 1971, of 4.15 percent during the week ending Aug. 18.
Rates on 15-year fixed-rate mortgages averaged 3.39 percent with an average 0.6 point, down from 3.44 percent last week and a 2011 high of 4.29 percent seen in February. Rates on 15-year fixed-rate mortgages hit a low in records dating to
Can you believe it now Costs 21% less to Own a Home?
Homeowners Paying 21% Less To Own Their Homes
Mortgage rates have plunged this year, driving down the long-term costs of homeownership. Regardless of loan type -- either FHA, USDA, conforming or jumbo --mortgage payments are downright cheap as compared to just six months ago.
REALTORS® will tell you it's a great time to buy a home. That may be true.
It's an even better time to refinance one.
Exceptionally low mortgage rates make for exceptionally low mortgage payments and, no matter for how long you've owned your home or made payments on it, you have a chance to dramatically slash your payments, leaving money for other things such as retirement, home improvement, and college tuition.
Here's why : When you make your mortgage payment each month, a portion of your payment is interest. The lower your interest rate, the less interest you pay each month. This math applies to all amortizing loans -- 30-year schedule, 15-year schedule or otherwise.
Over the life of a loan, the interest cost savings can be substantial.
As a real-life example of two 30-year fixed rate mortgages for $300,000 -- one from April 2011 and one from today :
April 2011 : The $300,000 mortgage requires $275,000 in interest paid over time
November 2011 : The $300,000 mortgage requires $217,000 in interest paid over time
In other words, at today's rates, with a $300,000 mortgage, you can chop $57,000 off your long-term mortgage interest costs as compared to a mortgage from just 6 months ago.
That's a 21% savings and the math applies to all loan sizes.
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The Reverse Of "Starting Over" With Your Mortgage
There's a common refrain among homeowners...
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