15-year mortgage rate hits record low
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ShareFifteen-year mortgages dropped to a historic low last week while the 30-year rate came close to hitting bottom on the heels of the nation’s top bank pumping cash into a troubled real estate market.
“The Federal Reserve purchased more than $1 trillion worth of mortgage-backed securities from Fannie Mae and Freddie Mac and that’s driving down mortgage rates,” said Karl Case, an economist at Wellesley College. “The Fed wants to save this housing market at all costs.”
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"while the 30-year rate came close to hitting bottom on the heels of the nation’s top bank pumping cash into a troubled real estate market."
NOT true!
In '59 I had a 30 year, 3% fixed rate, with NO Points, from a lending institution and I NEVER had a loan before I got this one!
People/news stories keep saying, at various times in recent years, that interest rates are at a Record Low or 'bottom', when they are NOT! STOP the lies to try to fake out people. ALL 'Points required' loans are a Rip-Off to begin with!
NOT true!
In '59 I had a 30 year, 3% fixed rate, with NO Points, from a lending institution and I NEVER had a loan before I got this one!
People/news stories keep saying, at various times in recent years, that interest rates are at a Record Low or 'bottom', when they are NOT! STOP the lies to try to fake out people. ALL 'Points required' loans are a Rip-Off to begin with!
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AbusiveTo compare rates from different years, you really need to know the inflation rate too. Also, in the good old days, people took out a 20 year mortgage ONCE, lived in the same house and paid it off. Now people move or refinance constantly and are always in the early years of a mortgage and are paying more interest than pricipal despite low rates, never paying off the house.
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tgrillo@bostonherald.com
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