For the 5th consecutive month, the 30-year fixed mortgage rate has declined and is 4.32% – the lowest on record since mortgage data began to be recorded in 1971. At this time last year, the rate was 5.08%, according to Freddie Mac. Additionally, the 15-year fixed mortgage rate also declined to a record low and is currently 3.83%. With high unemployment levels, stagnant home sales, and increased foreclosures, the decline of these rates may encourage new buyers. Though, as the graph below shows, the 30-year fixed mortgage rate has been consistently declining, so buyers may wait for it to go even lower before becoming interested.
30-Year Fixed Rate Mortgage Rate: