Mortgage rates continue to fall to record lows
Mortgage rates continue to fall to record lows. Freddie Mac says the average 30-year loan is now 3.56 percent. That's down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week's previous record of 2.89 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 11 of the past 12 weeks.
Or course, most people don't get the best rates.
Liz Weston, author of the book "The 10 Commandments of Money" says you have to shop for money, just like you would any other purchase.
"You want to see the apples to apples comparisons. You don't want to try to compare a 15-year loan with a 30-year loan," Weston said. "Figure out where you're going first. I always double apply. Any time I get a mortgage or go for a refinance, I apply with at least two companies. It's more expensive but if anything happens and goes wrong in the process I have a backup."
Start with your bank or credit union. You might also try a site like Lending Tree. It has offers from a lot of different companies or Quicken Loans which is a direct lender.
The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week's previous record of 2.89 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 11 of the past 12 weeks.
Or course, most people don't get the best rates.
Liz Weston, author of the book "The 10 Commandments of Money" says you have to shop for money, just like you would any other purchase.
"You want to see the apples to apples comparisons. You don't want to try to compare a 15-year loan with a 30-year loan," Weston said. "Figure out where you're going first. I always double apply. Any time I get a mortgage or go for a refinance, I apply with at least two companies. It's more expensive but if anything happens and goes wrong in the process I have a backup."
Start with your bank or credit union. You might also try a site like Lending Tree. It has offers from a lot of different companies or Quicken Loans which is a direct lender.
