Time to Buy? Mortgage Rates Tie Record Low

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    Freddie Mac reported this week that 30 year fixed-rate mortgages have once again dropped to 4.78 percent, tying a record low set back in April. The 4.78 percent figure is the lowest that rates have been since 1970 when the mortgage and loan corporation started keeping track.

    From Freddie Mac chief economist Frank Nothaft:

    “Interest rates for 30-year fixed-rate loans are currently 0.8 percentage points below this year’s peak set in mid-June, which shaves roughly $100 off the monthly payments on a $200,000 mortgage.”

    To put the low rates in perspective, 30-year rates were at 5.97 percent about a year ago, and back in 2007, they were approaching 7 percent.

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