Long-term mortgage rates continued to move lower this week, with a 15-year fixed-rate mortgage falling to a record low for the second consecutive week.
The weekly rate report from Freddie Mac says 30-year fixed-rate mortgages averaged 3.35 percent in the week ending May 2, down from 3.4 percent last week. The average rate on a 30-year fixed rate loan is just above its all-time low of 3.31 percent set in November.
A 15-year fixed rate loan fell to an average of 2.56 percent, on par with average rates for both one-year and five-year adjustable-rate mortgages.
The housing market may be coming back, but a growing number of policy makers have expressed concerns recently that it’s still too hard to get a mortgage.
Regulators issued new mortgage rules last week designed to prevent a return to lending practices that helped crater the housing market and brought the financial system to its knees during the past decade.
I just locked down a 2.875% interest rate, fixed for the 15-year term of the mortgage. No points. With rates like these, I find myself rethinking the idea that I want to pay off my mortgage.
