Mortgage rates are low, and it seems they will be staying that way for a while. In fact, they are two one-hundredths of a percentage point away from the rates of 1956…that’s 54 years!
The average rate for a 30-year fixed-rate mortgage is within one one-hundredth of a percentage point of the 4.71% reported the week ending December 3, 2009, and if rates decline two one-hundredths of a percentage point, we’re back to the spring of 1956, when the average rate hit 4.68%, according to National Bureau of Economic Research statistics.
Rates for 15-year mortgages fell for the fourth straight week, to 4.17%, the lowest rate since Freddie Mac started tracking 15-year loans in 1991.
In addition to low mortgage rates, according to a recent BankRate.com article, some lenders are beginning to loosen their requirements for down payments. The article discusses four types of mortgages that require small down payments, some with zero down options. While these mortgages may have limited availability, they could be a sign of what’s to come.