Mortgage Rates Hit Another Historic Low (Photo by Bruno J. Navarro)
NEW YORK — Mortgage rates dropped to another all-time low this week, providing another stimulus to the strengthening housing market.
The average rate on a 30-year mortgage was 3.84 percent, according to survey results released by Freddie Mac.
That’s the lowest rate ever since long-term mortgages were introduced in the 1950s, even below the previous record low set in February.
At that rate, a $100,000 loan would mean monthly payments of about $468 per month.
Meanwhile, sales activity in the past few weeks suggest that the robustness of the condo market in Manhattan and Brooklyn recently predicted was taking hold.