For those in the process buying a home in Metro Detroit there’s a bit of good news coming down the wire. Mortgage rates continued to fall again this week, reaching record lows for 30-year and 15-year fixed rate loans. For 30-year fixed rate loans we saw a decrease of 0.04 to 3.49% according to data submitted by Freddie Mac. 15-year fixed rates came in at 2.80%, a drop from 2.83% the previous week. This has been a consistent drop in mortgage rates for nearly 13 weeks running.
Frank Nothaft, chief economist for Freddie Mac, stated “Market concerns over the strength of the economic recover brought long-term Treasury yields to new lows this week, allowing fixed mortgage rates to reach record levels.”
What Lower Mortgage Rates Mean to You