Mortgage Rates Drop

30 Year Mortgage Rates, SO LOW!

The average rate on a 30-year fixed rate mortgage fell to 3.93% last week for loans of current limits — the first time those loans have been below 4% in nearly three years, according to the Mortgage Bankers Association, the industry trade group. Rates are even lower on larger mortgages and on 15-year loans.

Note Revere Community: The difference between the current 3.93% mortgage and a 4.8% mortgage for a $400,000 loan comes to savings of about a $200 a month - for simple math.

Remember, there are many different types of mortgage products. In addition to commercially available mortgage products, there are VA, FHA, and USDA loans. Each of these mortgage products come with unique terms and requirements. The mortgage rate also varies from one product to the next.

So make yourself look more attractive to lenders, and they’ll reward you with a lower interest rate!