Today, Freddie Mac released the results of its Primary Mortgage Survey® (PMMS®), which reveals that the 30-year fixed-rate mortgage rate has hit its all time low, to 4.27%. Down from last week when it averaged 4.32 percent, this is the lowest the rate has fallen in the last 29 years that Freddie Mac has been keeping statistics.
If you have enough equity in your home to refinance your mortgage, be prepared to jump through some hoops, because banks have tightened the restrictions on lending. And if you’ve been sitting on the fence waiting to buy your first home, now is the time to get pre-approved for a mortgage. Even if you have blips on your credit, a good lender can help you get your ducks in a row, so that you can try to take advantage of these incredible record low rates and affordable home prices.
