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How Long Will Mortgage Rates Stay So Low?

How long will mortgage loan rates stay at historic lows? Is now a good time to purchase a home? Should I refinance my existing mortgage? These are the questions everyone is asking. No one knows (outside of the FED) where rates are headed but common sense should tell us they can’t get much lower than they are currently. If you’re thinking of making a move….now would be a good time.

Here are the national average mortgage rates for this week.

  • 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.6 point for the week ending August 13, 2015, up from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent. 
  • 15-year FRM this week averaged 3.17 percent with an average 0.6 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.97 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.36 percent. 

To give you an idea of where rates currently stand, compared to years past, we’ve provide you with the chart below.

Boston Mortgage Rates By Decade