If you are thinking about refinancing your mortgage or purchasing a home, now may be a great time. Rates are at the lowest level ever recorded since tracking started in 1971. The 30-year fixed-rate mortgage dropped to an average of 3.15% during the week ending May 28. The 15-year fixed-rate mortgage now averages 2.62%.
Rates will be higher for jumbo mortgages or for borrowers with poor credit. However for borrowers who can take advantage of these rates, locking in a long loan with a low rate can be an excellent move.