According to Freddie Mac, last week the average interest rate for a 30-year fixed mortgage fell from 4.22 percent to 4.12 percent, the lowest rate in six decades. The average rate for a 15-year fixed mortgage declined to 3.33 percent from 3.39 percent, which is likely the lowest it has ever been. Five years ago the average 30-year fixed rate was around 6.5 percent.
With homes prices having declined and interest rates at historical lows, purchasing a home is now more affordable than ever for buyers with excellent credit and strong down payments. The low rates are not quite as low for buyers with lower credit scores or smaller down payments.
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