As the end of 2014 quickly approaches, the good news for homebuyers is mortgage rates are cheaper now than they were when the year began.
In January the average 30-year, fixed-rate mortgage (the most popular way to finance a home) cost 4.69%. The consensus among economists and industry analysts was that would rise to 5.5% by the end of the year. Instead rates have declined, reaching as low as 4.01% in mid-October and only 4.07% in interest.com’s most recent survey of major lenders.
Home loans haven’t been this cheap since May 2013. The typical 30-year, fixed-rate home loan costs a half point less than this time last year, which saves borrowers $30 a month for every $100,000 they borrow.
For more information on mortgages, please contact:
Jeff Crain: VP of Mortgage Lending