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Time To Refi: Mortgage Rates Hit Lowest Average

It is definitely a buyer’s market as current mortgage rates have dropped even lower over the past week, breaking records for the past 12 months in three categories. Getting the best mortgage rates when purchasing your next new home or refinancing your existing one should be a cinch in this economy.

Both fixed and adjustable rates are in favor of consumers. Here’s a breakdown:

Fixed Rate

A 30-year mortgage is now 3.87 percent, down from 3.98 percent last week. The highest rate over the past year reached 5.05 percent and the lowest is the current mortgage rate of 3.87 percent.

As for a 15-year fixed rate, buyers are locked in at 3.14 percent, down from 3.24 percent a week ago. This is the lowest rate all year with the highest over the past 12 months reaching 4.29 percent.

Adjustable Rate

Consumers can expect to pay 2.80 percent on a 5-year adjustable rate mortgage, down from 2.85 percent last week. The all-time high during the past year has been 3.92 percent with this week’s rate the lowest in 52 weeks.

A 1-year adjustable rate is at 2.76 percent, slightly up from 2.74 percent seven days ago. The highest rate in the past 12 months has been 3.40 with the lowest set last week.

Housing is at it’s most affordable in a long time, making it more tempting to take that leap and purchase or refinance a home. In fact, most metropolitan areas showed a decrease in real estate prices as the new year began. Experts predict additional drops in the housing market prices as the year progresses. A nationwide average decline between 6 and 8 percent is anticipated. One housing analyst suspects it could drop as low as 15 percent.

Getting the best mortgage rates depends on your credit. A FICO score of 740 or higher will guarantee a bottom rate. If you can pay at least 25 percent down, this will also help you get the best rate. In addition, keeping your total debt-to-income ration less than 30 percent is a tremendous factor when it comes to optimum mortgage rates.

Current mortgage rates are at their lowest, so it is the ideal time to get shopping for that new home or talking to a lender about refinancing your existing mortgage.