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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board  >  Federal Home Loan Mortgage Corp       

FEDERAL HOME LOAN MORTGAGE CORP

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Mortgage Rates: Are Your Stars Aligned?

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08/20/2019 | 03:58pm EDT

If you're in the market to buy a home, you're likely laser focused on listing prices to keep you within your budget. The price tag is certainly important, but don't forget to factor in mortgage rates when it comes to your purchasing power.

Current mortgage rates are still low, making it a good time to buy. In fact, locking in at today's rates could make a home that was once unaffordable, affordable.

It's unlikely that the average 30-year fixed mortgage rate will return to its all-time record low in 2012 of 3.31%. However, mortgage rates are still low compared to almost any year since Freddie Mac began tracking rates in 1971. Today, the average 30-year fixed mortgage rate is around 3.6% - down from 4.53% a year ago.

Mortgage Rate Monthly Mortgage Payment*
Mortgage Rate: 3.31% - all-time low in 2012 Monthly Mortgage Payment*: $1,457
Mortgage Rate: 3.6% - today Monthly Mortgage Payment*: $1,493
Mortgage Rate: 4.53% - last year Monthly Mortgage Payment*: $1,614
Mortgage Rate: 6.29% - avg. rate from 2000 - 2009 Monthly Mortgage Payment*: $1,862
Mortgage Rate: 18.63% - all-time high in 1981 Monthly Mortgage Payment*: $3,977

* Mortgage payments are based principal and interest only, based on a $250,000 fully amortizing mortgage. All terms are assumed to be 30 years.

As you can see, mortgage rates play a big role in how much home you can afford and it's important to watch them carefully if you're in the market to buy. The savings from securing a 3.6% rate versus 4.53% on a 30-year fixed-rate mortgage is $121 per month - $10 more than the average monthly electric bill in the United States. The savings add up fast, and over the life of a 30-year fixed-rate loan, you'd save a total of $43,560 on interest payments.

Buying a home is a big investment - perhaps the biggest one you'll make in your life. If you've done your homework and are ready to make your purchase, your stars may be aligned.

Be sure to check out our Fixed-Rate Mortgage calculator to crunch your own numbers and visit My Home® by Freddie Mac for more information on buying a home.

Disclaimer

Freddie Mac - Federal Home Loan Mortgage Corporation published this content on 20 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2019 19:57:05 UTC

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Donald H. Layton Chief Executive Officer & Director
David M. Brickman President
Christopher S. Lynch Non-Executive Chairman
James G. Mackey Chief Financial Officer & Executive Vice President
Robert Lux Chief Information Officer & Executive VP
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