Mortgage Rates Reach an All-Time Low

Can mortgage rates possibly go even lower? Is now the time to buy or refi?

On Thursday, HousingWire reported that the average U.S. rate for a 30-year fixed mortgage fell to 3.29%, the lowest ever recorded by Freddie Mac dating back to 1971.

In addition to making home purchases more affordable as the housing market enters its spring selling season, falling rates are encouraging more Americans to refinance, according to the Mortgage Bankers Association.

Other mortgage rates dropped as well, according to Freddie Mac. The 15-year fixed rate averaged 2.79%, down from 2.95% the previous week.

In the wake of the Federal Reserve’s emergency rate cut earlier this week, Yahoo! Finance quoted experts from Mortgage News Daily and Zillow who said mortgage rates may be as good as they’re going to get. As it turns out, rates have gotten lower since they made those statements. Are mortgage rates at their lowest point yet? And how long will they stay this way?

No one can say for sure, but one thing is certain: If a low rate is your top mortgage priority, there has never been a better time to buy or refi than right now. Still, everyone’s situation is different, so contact your trusted CrossCountry Mortgage loan officer today to see if a rate lock is right for you. We’re here to help!