Good news for home shoppers! If you’re looking to buy a home this spring or summer, you’ll still enjoy historically low mortgage rates. The average 30-year fixed rate mortgage currently stands at 3.63%, which is down from last week’s average of 3.67%.
To put these low rates into perspective, consider the historical trends. In fact, home buyers locked in loans for a staggering 8.52% in May 2000. Today, the average home buyer is saving over $300 on their monthly mortgage payment!
For home buyers interested in securing a 15-year home loan, rates are hovering at just 2.77%. While this shorter loan results in a higher monthly payment, you’ll save thousands over the life of the loan. Plus, if you have excellent credit, you can likely secure a better-than-average mortgage rate.