This week brought yet another record low in mortgage rates, with the average 30-year fixed mortgage rate falling to the record low of 3.94% according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.46 discount and origination points.
The average 15-year fixed mortgage rate inched lower to a new record of 3.15% as did the jumbo 30-year fixed mortgage, sliding to the record low of 4.50%.
Adjustable mortgage rates were both lower, as well this week, with the average 3-year adjustable dropping to 3.08%, while the popular 5-year ARM dipped lower to 3.01%.
The last time mortgage rates were above 6% was Nov. 2008. At the time, the average 30-year fixed rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.97%, the monthly payment for the same size loan would be $947.93, a difference of $294 per month for anyone refinancing now.
Other survey results:
- 30-year fixed: 3.94% — down from 3.97% last week (avg. points: 0.46)
- 15-year fixed: 3.15% — down from 3.19% last week (avg. points: 0.33)
- 5/1 ARM: 3.01% — down from 3.02% last week (avg. points: 0.33)