15 Year Mortgage rate at record low

By Les Christie @CNNMoney April 25, 2013: 11:48 AM ET

The 15-year fixed rate fell to 2.61% this week from 2.64%, The previous record low of 2.63% was set the week of Nov. 21, 2012.

An adjustable-rate mortgage, the 5/1 ARM, also bottomed out at 2.58%. The most popular mortgage, the 30-year fixed-rate, came in at 3.4%, 0.09 percentage point above its record low.

“The housing market is getting a boost, with mortgage rates hovering at or near record lows,” said Frank Nothaft, Freddie’s chief economist.

He cited a pick-up in the pace of existing home sales to nearly 5 million a year during the first quarter of 2013, the most since the fourth quarter of 2009.

Read more about it at CNNMoney

Commentary by Robert Karp of Karp Properties LLC:  Low mortgage rates bring more buyers into the market.  With rates so low, a 15 year mortgage may make sense for some buyers.  We have several great lenders here in the Sierra Vista, Hereford area of south eastern Arizona that can help you find the right mortgage.