Mortgage interest rates hit new record lows this week, with the 30- and 15-year fixed rates falling once again, according to a weekly survey by Freddie Mac.
Rates hit new record lows for the second week in a row, according to CNNMoney. The most common mortgage, the 30-year, dropped to 3.83 percent, a decrease of 0.01 percentage points. The interest rates are down from 4.63 percent at this time in 2011 and can save families $46 a month for every $100,000 they borrow. For a 30-year mortgage, that would add up to more than $16,000 in savings.
The 15-year fixed fell by 0.02 percentage points to 3.03 percent, according to the article. Compared to the higher rate this same time last year, families with a 15-year mortgage can save $38 a month for every $100,000 borrowed.
It is unlikely that mortgage rates will drop much further as the drop in lending rates has caused more people to apply for refinancing, Bob Walters, the chief economist for Quicken Loans, told CNNMoney.