Yes, Virginia there is a Santa Claus!
Mortgage rates hit a new 37 year low this week. This is the second week in a row that interest rates on 30 year fixed rate mortgages have hit a new low.
This is great time to purchase or refinance. The average rate on a 30 year fixed rate mortgage has dropped to 5.14%. A $200,000 loan at this low rate would save you $100 per month over a loan at 6%. And over the life of the loan you would save $36,000. Not bad!
