15-Year Fixed-Rate Mortgages Hit Record Low

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Lower home loan rates on shorter term mortgages can save consumers thousands.

15-year fixed rate mortgages have dropped to the lowest levels seen since 1991, the year Freddie Mac began tracking the mortgage.

Quicken Loans Chief Economist Bob Walters explains the significance of the best time in many generations to buy or refinance a home.

“A remarkable story is going largely unreported these days. That is that 15 year mortgage rates are at all-time lows and that a significant portion of American homeowners are choosing a 15 year term.

The lifetime interest savings versus a 30 year term are incredible. For example, on a $200,000 loan, a homeowner taking a 15 year will likely pay $100,000 less interest over the loan’s life than they would if they chose a 30 year term.”

Falling mortgage rates are being attributed to the European debt crisis. As the stock market drops and turmoil over the European economy continues, consumers are likely to see a continuation of these low mortgage rates.

However due to uncertain market conditions, experts aren’t certain how long rates will stay at these levels. At some point, some are predicting as soon as by the end of this month, rates will go back up.

Many Americans are beginning to realize what these low rates can mean for their personal financial recovery. Anyone thinking about mortgage refinancing or making a home purchase should contact a mortgage professional to lock-in these low rates before they rise.

Call Quicken Loans at 888-670-1784 for more information.

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Aaron Emerson
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