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Investing

Mortgage Rates at 60-year Lows

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By Paul Ausick Published

According to the latest survey by Freddie Mac, a 30-year fixed-rate mortgage interest rate at the end of last week was 3.88%. That’s down a full point from the same mortgage one year ago.

A 15-year fixed-rate mortgage is available for just 3.13%, again down a full point from a year ago.

Combined with still-falling housing prices, Freddie Mac’s chief economist said, “[T]he typical family had more than double the income needed to purchase a median-priced home in January. … This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases.”

The Freddie Mac press release is available here.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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