It’s hard to believe, but mortgage rates have dropped even lower than what they were in the summer months. According to Freddie Mac, the rates have fallen to an average of 4.19 percent this week, down from 4.27 percent last week, the lowest since at least 1951. In its 23rd consecutive week the average rate on a 30-year mortgage has remained below 5 percent and 15-year fixed-rate mortgages fell to 3.62 percent this week, another record low.
What this means for buyers, assuming they qualify for a loan is that they are able to afford more home for roughly the same monthly mortgage amount.
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