On CNN’s website today, Les Christie announced that mortgage rates have fallen below 4% for the first time in history. This week, rates dropped to 3.94% for a 30-year-fixed-rate loan and 3.26% for a 15-year-fixed-rate loan.
Rates this low mean huge savings for borrowers. Just a drop from the already low rate of 4.60% can save homeowners $40 per month for every $100,000 borrowed, which equals a savings of almost $14,000 for the life of a 30-year-loan.
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