Mortgage Rates Plummet — 15-Year Fixed Below 3 Pct

May 31, 2012 10:25am

If you can get a new mortgage or refinance an existing one, interest rates have fallen to  incredible new lows.

Interest on a 15-year loan has dropped below 3 percent for the first time ever, according to data from Freddie Mac.

The average rate on the 30-year loan fell to 3.75 percent. That’s down from 3.78 percent last week and the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage rate is down to 2.97 percent this week from 3.04 percent last week.  The 15-year loan is often used for refinancing, that is if you can get the bank to call you back and then meet the requirements.

If the economy doesn’t fall apart in other ways, these low rates may help the housing market as we are now in the buying season.

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