Illustration by Lexi Pilgrim for The Real Deal
From the August Issue: When mortgage interest rates slide close to all-time lows — as they have since the Brexit vote — should one sit on the fence? Or pursue the financial opportunities that didn’t exist when rates were half a percentage point higher or more?
In July, according to Freddie Mac, 30-year fixed rates dropped to an average of 3.41 percent, just above the historic low of 3.31 percent set in November 2012. Fifteen-year fixed rates, popular with homeowners seeking to become mortgage-free faster, dropped to a stunning 2.74 percent. Five-year Treasury-indexed
“5-1” hybrid adjustables, which carry a fixed rate for the first 60 months then morph into one-year adjustables, hit 2.68 percent. [more]