Mortgage Rates Continue to Decrease

Record Lows and One-Year Running Trends

According to Samuel Scott Financial Group, mortgage interest rates continue to move lower in continuation with a seven week trend of declining rates.  The most widely held mortgage product is the average fixed rate 30-year mortgage dropped to 3.79%.  The 15-year rate deceased a tad lower from 3.05% to 3.04%.  This is also a new record low.

With these historic low rates, comes great demand for loans.  As such, home loan applications increased about 9% over the past week.  This data was supplied by the Mortgage Bankers Association Weekly and their mortgage application survey.

Below is a chart displaying the running one-year trend for 30-year fixed mortgage rates.   You will note some some volatility in the rates on a weekly basis, but overall, the downward trend is irrefutable.















What Determines Your Rate?
There are a multitude of  factors that go in to determining what your mortgage rate will be.  This may include, the current interest rate, term of the loan, loan size, down payment size, your income, your debt relative to your income, your credit score and other features of the loan such as points, fees, loan structure, prepayment penalties and reserve requirements.



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  1. [...] home sales up, historically low mortgage interest rates, and builder confidence, this is encouraging news and good sign that the housing market is on the [...]

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