Dan Green
Dan Green
Filed Under
Mortgage Rates

30-Year Mortgage Rates Drop To 3.88%

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Freddie Mac Mortgage Rates

Mortgage rates are back below 4 percent again. If you missed the lowest rates of all-time earlier this year, you get a second chance.

Click here to get today's mortgage rates.

Average 30-Year Mortgage Rate To 3.88%

Each week, government-led Freddie Mac surveys 125 banks nationwide to compile its Primary Mortgage Market Survey. For mortgage applicants willing to pay 0.7 discount points plus a complete set of closing costs, the average 30-year fixed rate mortgage rate fell to 3.88 percent this week.

For a mortgage in the Silicon Valley area of California at the local conforming loan limit of $625,000, 0.7 discount points adds $4,378 to your mortgage closing costs.

The reason mortgage rates are down might sound familiar. Beginning last week, concerns bubbled up across the Eurozone that both Spain and Italy could have trouble servicing their respective sovereign debt. The storyline is similar to what transpired in Greece last year. The action sparked a mortgage bond rally as investors sought to shed portfolio risk.

Click here to get today's mortgage rates.

Minnesota Gets The Lowest Mortgage Rates

Like all things in real estate, mortgage rates are local. Freddie Mac's survey showed the following regional breakdown :

  • Northeast Region : 3.88% with 0.8 discount points 
  • West Region : 3.85% with 0.8 discount points
  • Southeast Region : 3.91% with 0.8 discount points
  • North Central Region : 3.89% with 0.6 discount points
  • Southwest Region : 3.90% with 0.8 discount points

The best mortgage "deals", on average, are currently available to residents of Minnesota and Illinois. The most expensive loans are those being quoted in the Southeast including Florida and Atlanta.

Click here to get today's mortgage rates.

Lowest Mortgage Rates Of All-Time. Again.

Although the Freddie Mac survey covers conforming mortgage only, FHA mortgage rates are down, too. Across the board, mortgage rates have never been as low as they are today. Cheap mortgage rates yield cheap mortgage payments and keeps home affordability high.

If you've yet to refinance your home, or find yourself just kicking tires, get started with a mortgage rate.

Click here to get today's mortgage rates.

About the Author

Dan Green is a mortgage market expert, providing over 10 years of direct-to-consumer advice. NMLS #1019791. You can also connect with Dan on Twitter and on Google+.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products. The views and opinions expressed herein are those of the respective authors and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.