Mortgage Rates Hit New Record LowMortgage rates continue to slide downward.  The 30-year fixed rate mortgage has dropped, hitting a record low for the third week in a row.  Freddie Mac, the second largest mortgage finance company, published a report this morning showing the lowest average rate on the 30-year fixed since they began tracking the rate 39 years ago.

The unbelievable low rate trend has been great for homeowners looking to refinance their mortgage.  Despite these record low rates, home purchase loans have remained on the decline since the expiration of the first time home buyer tax credit.

Experts attribute these dropping rates to concerns about the economy, which has led investors to put their money into Treasury securities.  No matter what the reason, one thing is clear: these are the lowest mortgage rates in history.  If you’re on the fence about your home refinance or purchase – the time to act is now!

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This Post Has 20 Comments

  1. Do you do VA streamline mortgages and if so what is the 30 year interest rate? I did check to see about the VA funding fee.. it is 3.3% or something like that.

    It is not possible to combine a first and 2nd mortgage when you do this is it? I believe it is not… since the property is not appraised, and the underwriting is differient… since all you get is an interest rate reduction. I know you can’t get cash out and that is fine.

    I believe this is our only option as we have a lot of unsecured debt due to a job loss and subsequent salary reduction. Credit is good, in the 750 range…. husband has had the same job for over 5 years. That is the only significant problem involved.

  2. I’m shocked people actually post their personal info and bother asking for a rate on a blog! whatever..

    My only comment is that your website today frontpage list “15y fixed rates near 3.750% (4.022% APR)” as record low (which it is) but doesn’t bother telling us if there are any points associated with that rate (a lot of website are guilty of this to get you in) even if click on that link (you should get the info then!)

    You can make any rate look good if you have enough points 🙂
    the example shows 1.25pt, so is that how you get 3.75% ?
    More transparency please !

    4.022% APR I suppose might give you that info (does it include closing cost and/or points) but it’s hard to read for non morgage people. thanks.

    1. Hi Alain,
      We’ve also been intrigued that our readers post personal information in comments to get rates when we have our phone number on the page, and also a way to chat with us. We’ve been speculating how we could do a better job of communicating the best way to contact us and to find rates, and have some improvements to the page design scheduled for production – but in the meantime if you think of any ideas, let us know! I’ve been thinking people are just used to interacting within comments, so we’re happy to accommodate everyone, wherever they choose to interact!

      About our rate display: We take transparency very seriously, and we aim to revolutionize the industry with our crystal clear explanations. So your feedback is very valuable to achieve this aim.

      As far as the rates we display on the homepage, we do use points to display rates that we consider a “sweet spot” for our clients – where paying points makes the most sense to save you money over the course of the loan. These points will NEVER exceed 2.0. (Of course not everyone wants to pay points, and there are a lof of other factors involved. Which is why we like to discuss your goals when helping you choose a program.)

      When you click the link by the rate on the homepage, the points we use for that rate ARE on the assumptions section of that product page. I just checked, and yup, as planned, they are there (wish I could send you a picture with it circled to show you where to look). We opt not to list all the assumption on the homepage for space reasons, but we feel we’ve made it very easy for you to find the points on the actual product page that it’s linked to.

      Meantime, I am going to bring this up to my team, because, like I said, we STRIVE for transparency in all we do, and if this is striking you as not transparent enough, then maybe we need to reconsider our design decision and do a better job.

      Thanks again for this valuable feedback!

  3. Hi Albert, since this is our public blog, we’d prefer not to publish identifying information like your home phone, so I blocked that in the comment you submitted.

    You can always call us at 800-251-9080 to get a customized mortgage quote directly from our Home Loan Experts. I’ve passed your number on to one of our Home Loan Experts, so you should be getting a call soon!

  4. looking to refi our primary home at XXXXXX Pleasanton, CA XXXXX. It is a five year old home and we are the 1st buyer. The outstanding P is 724,000.00 The current home valuation is around 1,100,000.00 We are looking for 30 yr fixed with 0 point…please let us know the rate , lock period and the cost.
    Thank you

    1. Hi Sanjay, since this is our public blog, we’d prefer not to publish your specific identifying information such as your address, so I have blocked that in the comment you submitted. I can’t give you specific rates without more personal information like your credit, so your best bet is to get a custom mortgage quote directly from our Home Loan Experts. Please call us at 800-251-9080 to speak with us. Or if you’d prefer to chat, you can simply click the link on the page.

      Thanks!

    1. Hi Leatha, since this is our public blog, we’d prefer not to publish your specific identifying information like your phone numbers, so I have blocked that in the comment you submitted. To get a personalized mortgage quote directly from our Home Loan Experts, please call us at 800-251-9080. Or you can chat by clicking the link on the page.

  5. I had a chat person on, but they or the system disappered. Just wanted to know what the great interest rates are. 15 and 30 year fixed.
    Chuck

    1. Hi Chuck, sometimes chats do get disconnected, unfortuantely. Please try again, or call us at 800-251-9080. You can check out general rates here: https://www.quickenloans.com/mortgage-rates but rates depend on your personal situation, so to get a personalized quote you should talk to one of our Home Loan Experts.

  6. All the information in this email addresses 30 year fixed rates; I’m 65 years old and have a relatively new mortgage with a 30 year fixed rate. 21/2 years old mortgage. Are there any good deals on 15 year mortgage? I’m not sure if this is worth my while unless I know what kind of rate I can get on a 15 year mortgage. My credit score is around 650. It may not be expedient for me to remortgage and spend the money on this.

    1. Elizabeth –
      Actually, 15 year rates are even better than 30 year rates. I got one recently myself and am very pleased. Check out general rates here: https://www.quickenloans.com/mortgage-rates. Your credit should be fine if the average of all three reports (called a tri-merge) is indeed in the 650 range. You should contact a Home Loan Expert at 800-251-9080 and they can help come up with a personalized mortgage program for you. (Since you are over 62, you may qualify for a reverse mortgage program, where you can eliminate you mortgage payment altogether!)

  7. Interested in refinancing prop. on XXXX XXX XXXXXX Rd. Palm Springs, Ca. XXXXX
    $150,000 for $850mo

    1. Hi Lydia, since this is our public blog, we’d prefer not to publish your specific identifying information like your home address, so I have blocked that in the comment you submitted. Please call us at 800-251-9080 to get a customized mortgage quote directly from our Home Loan Experts. Or if you’d rather chat, simply click the link on the page.

  8. I gave you my info before, i just need to know, i currently have wells fargo home mortgage at 7% fix, i have about 82,000 dollars left, and a second loan of about 95,000 dollars. my address is xxxxxxxxx, Lutz fl xxxxx been in the house about 19 years. I just want a new low rate, no cash, let me know if this can happen or not, Thanks Dale Shrewsbury

    1. Hi Dale, since this is our public blog, we’d prefer not to publish your specific identifying information like your home address, so I have blocked that in the comment you submitted.

      Considering your mortgage’s interest rate is 7% and current interest rates are in the 4% range, it seems like refinancing is a great option for you. (No need to get cash out.) But of course it all depends on your home’s current value. By law, we have to know the home’s appraised value as determined by an independent appraiser. We can help you set up an appraisal so that we can determine your best course of action. Please call our Home Loan Experts at 800-251-9080 to get the process started. Or if you’d rather chat, simply click the link on the page.

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