SEATTLE – Just one year ago a 30-year fixed-mortgaged rate averaged 4.91%, now it’s down to 4.78% for the final week of May. The average just two weeks ago was 4.84%. The lowest it’s been all year was during the first week of December when it averaged 4.71%.
If you’re wondering about a 15-year fixed mortgage, well they are at an all time low since Freddie Mac began tracking fix-mortgage rates. Last week it fell to a low of just 4.21%, while just a year ago it was at 4.53%.
If you’re wondering why fixed-mortgage rates are good the answer is quite simply. Whatever rate you get your loan, its locked in that price for the whole term. Some loans “float” meaning they will go up or down depending on what the economy is doing. Right now fixed rates are pretty low that you should consider a fixed-loan.