Today’s Mortgage Rates are near All-Time Low

Mortgage rates today are getting close to all-time lows, with a drop of 0.09 percent this week, bringing the national average to 3.69 percent. Nationwide averages for 15-year mortgage rates are also down, now at 2.97 percent, which are the lowest levels in six weeks.

Low mortgage rates are good for both buyers and sellers, as they give buyers more purchasing power, which leads to greater demand for homes. Home sales have been strong in the last couple months, with the average number of days homes are on the market dropping to 62 days in February - 10 percent less than the beginning of the year.

According to the Existing Home Sales report from the National Association of Realtors, there are fewer than two million homes currently for sale nationwide. The result of this is higher demand for homes in many places across the country. Their report showed that 34 percent of homes in February sold in less than 30 days.

A Fannie Mae survey polling consumer attitudes showed that 40 percent of consumers think that now is a good time to sell a home, which is down from the previous month. According to The Mortgage Reports, as sellers lose confidence, home prices begin to go down and homes start selling quicker. A shift in seller confidence could mean lower home prices sometime in the future.

For now though, home prices are still rising slowly, and demand remains high. If you have been looking to purchase a home, now is still a great time with mortgage rates today being so low. Home purchasing power is up over 10 percent compared to last year, and loan approval rates are higher than they have been in years.

To find out more about today’s mortgage rates and what type of home loan is best for you, talk to a mortgage expert at a lender like loanDepot. Mortgage rates today are near record lows, which means now is the perfect time to buy a home or refinance.