Mortgage Rates Continue to Dive to Historic Lows

30 yr hits 4.27% with 15 yr at 3.72%

Rates on a 30 year loan fell for the 9th time in 12 weeks, hitting 4.27%. That is the lowest level on record dating back to 1971. Rates on a 15 year loan dropped to 3.72%, the lowest level for a 15 year since 1991.

Many investors have been shifting their money into the safety of treasury bonds lowering their yield and mortgage rates track those yields.

This proves a huge difference for buyers. For example, if you were taking a $400,000 loan at 6% your payment was upward of $3,000 with taxes and insurance. That same loan now at 4.3% is roughly $600 less a month with taxes and insurance.

It's a great time to buy with lower home prices and low rates. It is a rare combination in housing, take advantage!