The new average 30 year fixed mortgage interest rate is now 3.94 percent. The lowest it’s ever been! This means that it is the prime opportunity for those who want to buy or refinance. The average rate on a 15 fixed year loan is even lower, at 3.26%, which is also a record. Bob Walters, chief economist of Quicken Loans, believes that because of unexpected decrease in interest rates, they could become lower than they already are.
To put it into perspective, here is a chart graphing fixed interest rates starting from 1963 and ending in present time. There’s never been a better time to buy!
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