Rate On 30-Year Mortgage Falls To 3.88 Percent

By: AP
By: AP

WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage dropped near its all-time low this week, making home-buying and refinancing a bargain for those who can qualify.

Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record of 3.13 percent was hit last month.

Mortgage rates tend to track the yield on the 10-year Treasury note, which have fallen sharply after last week's disappointing report on March job growth.

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  • by Anonymous on Apr 28, 2012 at 06:52 AM
    Well,this descrease of an average mortgage rate definitely shows a posive dynamic.Long-term mortgage is popular enough and decreasing it's interest rate make it more affordable and easier to pay off.I understand that all the people has different opportunities as for taking out a mortgage, but 30 years, as for me, is too long term.I think that 15-year mortgage is a better option,you should not be busy with paying off mortagage for for so long as 30 years, and than shorter your mortgage term is than less is an interest rate.So before taking out a mortgage it's better to learn more about different payment options.I have paid off my 15-year mortgage with a help of advance loans till pay day and now I am glad that I have finished to pay my mortgage off.
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