About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

While interest rates on 30-year mortgages have basically leveled out or have inched upward in recent weeks, rates on 15-year mortgages have been inching down to new historic lows. For borrowers who can afford the marginally higher payments, 15-year mortgages can be a very effective way to dramatically reduce the total money paid in interest over the life of the loan. Contact us in the sidebar today to learn more about the benefits and payments associated with a 15-year mortgage.

Here is an excerpt from a recent Reuters article on the subject:

U.S. 30-year mortgage rates rose for a second straight week while those on 15-year mortgages dropped to a record low, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company. …

Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.37 percent for the week ended Sept. 16, up from the previous week’s 4.35 percent and down from its year-ago level of 5.04 percent, according to the survey.

Freddie Mac (FMCC.OB) started the 30-year fixed-rate mortgage survey in 1971.

Meanwhile, 15-year fixed-rate mortgages averaged 3.82 percent, down from 3.83 percent last week, the lowest since Freddie Mac began surveying this loan type in 1991.

“Interest rates on 30-year fixed mortgages have remained below 5 percent for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

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