This week, the average rates on fixed and adjustable mortgages have reached an all-time low. According to Freddie Mac’s weekly mortgage rate survey, 15-year fixed-rate loans dropped to 3.21 percent while five-year adjustable rate mortgages also plummeted to 2.86 percent. The current rates remained at solid low points for the past few months until this week. Freddie Mac says these low-interest mortgages will be available at least until the middle of 2012.
This is good news to potential home buyers as these low rates can translate into large savings. Many young first time home buyers are receiving help from their parents to purchase their first home while a large percentage of current homeowners are looking to refinance to take advantage of the record breaking low interest rates.
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