Average U.S. Mortgage Rate drops to 3.65%

Mortgage giant Freddie Mac says that the average long term U.S. mortgage rates are down slightly this week to 3.65%. Again, these are historically low interests rates that homebuyers should be taking advantage of.
The average rate for a 15 year mortgage dropped to 2.92%. The 15 year mortgage is popular among homeowners looking to refinance.
One year ago the 30 year mortgage rate was averaging about 4.33 percent and the 15 year mortgage was about 3.39 percent. If anyone is keeping track, the lowest for the U.S. average 30 year loan rate was back in 2012 when the record low was 3.31 percent. The 15 year mortgage bottomed out in 2013 at a rate of 2.56 percent.
These low rates have continued even though the Federal Reserve had decided to stop monthly bond purchases, which usually are intentioned to keep long term rates down. In the calculations to determine the final average numbers, Freddie Mac surveys lenders all across the country at the beginning of each week. These surveys do not take into account extra fees, known as points, that most borrowers must pay in order to get these low rates.
As far as adjustable rates go, the average five year adjustable rate mortgage dropped to 2.84 percent from its lofty position of 2.88 percent. Not much of a drop but hey, how low can you go?
Bankrate.com did a poll of their own this week and 55 percent of mortgage experts had a prediction that nothing would change over the short term. Also, 36 percent predict an increase and the remaining 9 percent feel there will be a decline in mortgage rates.
This is a great lending environment for homebuyers that should be taking advantage of these low mortgage rates.