More good news on the housing front: The nation’s mortgage rates sank further setting records for 15-year and 30-year fixed rate loans.
The 15-year mortgage rate fell to 2.63 percent from 2.65 percent a week ago, and the 30-year mortgage fell to 3.31 percent from 3.34 percent.
The news is another in the line of positive indicators that the housing market is beginning to rebound. Current mortgage buyers and potential home-buyers are finding success with short-term loans.
“If you’re looking for Black Friday deals and door-busters, it’s pretty hard to beat the savings,” said Keith Gumbinger, vice president of mortgage information company HSH Corp. in a report to CNN Money. “To really rack up savings, you might also consider a purchase or refinance using a loan with a term shorter than the traditional 30 years.”
Homeowners currently paying off 30-year loans with rates of 4 percent spend about $1,098 a month in mortgage payments on a $200,000 balance, paying a total interest cost of $143,739, according to CNN Money.
Low-interest rates are critical to successful home-ownership because they reduce the monthly mortgage payments for home-owners. Existing home sales, home prices and construction are all on the up-and-up.
For more on the positive news in the housing market, visit CNN Money.