Interest rates on the 30-year fixed mortage remain at records lows, currently at 3.87%. This is the lowest level the rate has ever been since record-keeping began in the 1950s.
Every $100,000 financed would have a payment of $470. This makes the payment on a $500,000 mortgage only $2,350.
By comparison, a few years ago when rates were around 6% (which at the time was a good rate, compared to previous rates), the same mortgage would carry a payment of $3,000. Today’s rate saves $650 per month, which a savings of over 20% on the payment.
The average 15-year fixed mortgage is even lower at 3.16%, slightly up from 3.14% earlier in Feburary.