RECORD-LOW RATESFor the second time ever, 30-year fixed mortgage rates fell below 4 percent Thursday. Thirty-year mortgage rates were 3.99 percent Thursday. Just five weeks ago, they hit a record low of 3.94 percent. The 15-year rates this week dropped to 3.31 percent, with a record low 3.26 percent five weeks prior.Source: National Bureau of Economic Research
With a few 15-minute phone calls, Seth Bohannon saved $96,000.
The 29-year-old Liberty Mutual sales agent heard mortgage rates are low so he called up his loan officer. After some time on the phone and some legwork by the mortgage company, he cut almost 15 years off his mortgage and dropped the rate from 4.5 percent to 3.3. Now he’s paying $200 more a month towards the loan, but he’ll own his house before he turns 45.
“It was the smart thing to do, especially considering the long-term savings,” he said Friday. “It’s worth anyone taking 10 to 15 minutes of their time just to call an agent and just see, because you never know.”
Bohannon is one of many homeowners taking advantage of record-low interest rates. For the second time in history, the rate on a 30-year fixed mortgage dropped this week below 4 percent to 3.99 percent, according to Freddie Mac. Just five weeks ago, it hit a record low 3.94 percent.