15-Year Fixed Interest Rate Falls Below 3 Percent
By Kala Bruss // June 13, 2012
REAL ESTATE FINANCE
BREVARD COUNTY • VIERA, FLORIDA – Following lower bond yields last week, the 15-year fixed interest rate fell below 3 percent and the 30-year fixed set a new low according to Freddie Mac’s Primary Mortgage Market Survey.
For the week ending May 31, the 30-year fixed-rate mortgage dropped to 3.75 percent compared to 4.55 percent last year.
Also last year, the 15-year fixed was at 3.74 percent, now it is averaging 2.97 percent.
“One reason for the drop in fixed rates is concerns over in Europe, which led to a decline in long-term Treasury bond yields,” said Kala Bruss, Mortage Loan Officer for Seacoast National Bank in Viera.
“On a $200,000 loan with a 30-year fixed mortgage there will be nearly $1,200 less in annual P&I payments,” said Bruss.
To reach Bruss call 321-863-9704 or e-mail kala.bruss@seacoastnational.