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May 6, 2013

Borrowers Migrating to 15 Year Home Loans with Record Low Rates

Category: Mortgage Rate News – admin – 10:58 am

Once again interest rates fell to record lows on Friday. The fixed 15-year mortgage rate dropped to 2.56%. Last year at this time, it averages 3.07%. The fixed 30-year mortgage rate fell to 3.35%.  For the most part, these rates are available to applicants with good credit scores. Some borrowers may qualify for a home loan with bad credit under the government programs if they have the ability to demonstrate significant compensating factors.

According to Frank Nothaft, Freddie Mac’s chief economist. “Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year,” he said. “Near record low interest rates should further drive the housing market recovery over the near term.”

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