The average cost of the most popular type of mortgage fell to another new record low this week according to Interest.com’s most recent survey of major lenders.
Since the start of the year, the average rate for a 30-year, fixed-rate mortgage has fallen from 4.18% to 4.10%.
That is more than a full point less than these mortgages cost in mid-February 2011.
The decline in interest rates has lowered the typical mortgage payment by about $60 a month for every $100,000 borrowed.
Our Feb. 15 survey found the average interest rate for a:
30-year, fixed-rate jumbo loan was 4.56%, a slight increase from the 4.55% record low it has been at for the past two weeks. These mortgages, which exceed $417,000 to $625,000 depending on the city, cost 5.73% this time last year.
15-year, fixed-rate mortgage decreased, moving from 3.36% to 3.35% this week. This type of loan reached its prior low point, 3.34%, just two weeks ago on Feb. 1. These mortgages cost an average of 4.43% in February 2011.
5/1 ARM loan fell from 3.05% from 3.03%. These loans, where the initial interest rate remains fixed for the first five years and then changes once a year, reached a record low of 3.02% on Feb. 1. This time last year they cost 4.05%.
Our database of mortgage rates can help you find the best deals in your area, including many that are less costly than the national averages.
You can use our mortgage calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off your mortgage.
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