Mortgage Rates Remain Low ¡Woohoo!

The average long term interest rate for U.S. mortgages remain below 4% in March. Freddie Mac issued data that showed the average, 30 year, fixed-rate mortgage was at 3.71% in March, which is relatively unchanged from this same time last year. Rates were low last year and have remained low throughout the beginning of 2016. Just to put that into perspective, the average 30 year rate in 2006 was 6.41%. Rates have been declining since 2007. What's more, the average mortgage rate in 2000 was 8.04%. It is much cheaper to borrow money these days!

Mortgage rates remained low during both the recession and the recovery despite the improving housing markets throughout the United States. The Federal Reserve has only raised interest rates once since the recovery and it is proceeding with caution when it comes to raising them again. Fed Reserve Chair Janet Yellen issued several statements in 2015 and 2016 hinting that they are in no rush to raise their rates. You can anticipate your mortgage interest rate to remain under 4% for the remainder of 2016.

¡America!