Mortgage Interest Rates Hit Record Low...Again

Written by Brady    Thursday, January 19 2012

Last month the 30 year mortgage hit an all-time low. That low has been surpassed with 30 year mortgages going down to 3.88%. While not a record, 15 year mortgages are extremely low at 3.16%. Adjustable rate mortgages (ARMs) are below 3%. Every time it seems unimaginable that rates will go lower they drop more. Now is a great time to take advantage of rates being so low.

Many people are looking to buy houses as the new propagates that rates continue to stay at record lows. The low rates are also finally pushing many to consider refinancing loans, even loans taken over a year ago when rates were a few points higher. Today's rates can save most people hundreds of dollars a month on their mortgage payments.

New home sales are picking up but still not where it would be expected with rates being this low. This should start to push in the positive direction with the current wave of mortgage applicants being support by improvements in the unemployment rate and an overall improvement to our economy. If rates stay low things might also get a lift as warmer weather arrives in the spring.