Interest Rates End Year at Record Lows

Mortgage interest rates finished out the year near record lows, helping fuel the housing market’s modest recovery.

The average rate for a 30-year, fixed-rate mortgage was 3.35%, down slightly from 3.37%, Freddie Mac said in its weekly survey. This week’s rate is close to the 3.31% rate hit earlier this year, the lowest since records begin in 1971.

The 15-year fixed rate mortgage, popular with homeowners looking to refinance, averaged 2.65% this week, unchanged from last.

While it is expected that interest rates will remain low in the coming year, borrowers should still expect tough lendeing standards, offering low rates to only the best qualified borrowers. Call me today at 714-478-3153 to find out if you qualify for a record low rate.