According to mortgage company Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage in the U.S. fell again this week, after a slight increase last week. The current average 30-year mortgage rate is 3.59 percent, the lowest level it has reached since May 29, 2013, when it also sat at 3.59 percent. These historically low rates are great conditions for new homebuyers and homeowners looking to refinance.
Last week, the average mortgage rate was 3.66 percent, and exactly a year ago it was 4.32 percent. The average rates for 15-year fixed-rate mortgages also fell, declining to 2.92 percent from 2.98 percent a week ago (and 3.4 percent a year ago). That makes this the fourth week in a row that the 15-year average rate has been lower than 3 percent.