Mortgage rates continue to fall and continue to break records! The average 30 year rate on a mortgage was 3.56% which is down from 3.62% last week and is the lowest rate ever since they started offering long term mortgages in the 1950’s. The 30 year mortgage rate has matched or beaten record levels for 11 of the last 12 weeks! The 15 year rate fell as well to 2.86% down from 2.89% the week before.
Although the mortgage rates are phenomenal, many buyers are having trouble coming up with a large enough down payment or are having trouble with the stringent lending requirements.