NYC Apartment Agent

New York real estate + beyond

Mortgage Rates Hit All-Time Low — Again

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Mortgage Rates Hit All-Time Low ... Again

Mortgage Rates Hit All-Time Low — Again

NEW YORK — The average rate for 30-year mortgages hit an all-time low today of 3.88 percent, breaking last week’s rock-bottom rate and making home ownership more affordable than ever.

The average rate for a fixed-rate mortgage marked the seventh consecutive week under 4 percent, according to Freddie Mac.

Last week, the average was 3.89 percent.

The average rate on 15-year fixed mortgages rose slightly to 3.17 percent from 3.16 percent, which USA Today called a record low.

It was just September that mortgage rates at 4.12 percent were considered a historic low.

One of the things I love about this trend is that it puts home ownership within reach of more people, a trend that’s even stronger in New York City than elsewhere in the country.

It’s a bit of a perfect storm if you’re able to buy, especially with Manhattan rents within $1 of record highs and vacancy rates below 1 percent.

What that means in real terms, for instance, is that you could own a studio in Chelsea priced at $299,000 for under $1,800 per month. Meanwhile, a comparable apartment in the same neighborhood would cost you $2,332 in rent.

Although I posed the question back in June as to whether it was time to buy, the answer now is much more definitive: Absolutely.

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9 Responses

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  1. […] aspect of the real estate market in one of New York’s most popular areas was due to the historically low average rate on a 30-year mortgage — a mere 3.88 […]

  2. […] apartments in Manhattan, Brooklyn and Queens than one might expect. But then the housing values, mortgage rates and inventory has been so good […]

  3. […] interest rates are far lower. It’s a way, in effect, to short the dollar because you can take a 30-year mortgage. If it turns out your interest rate’s too high, next week you refinance lower, and if it […]

  4. […] interest rates are far lower. It’s a way, in effect, to short the dollar because you can take a 30-year mortgage. If it turns out your interest rate’s too high, next week you refinance lower, and if it […]

  5. […] mortgage rates near all-time lows, it’s a great time to buy. The increased activity also bodes well for […]

  6. […] mortgage rates near all-time lows, it’s a great time to buy. The increased activity also bodes well for […]

  7. […] confluence of factors are the cause, from low mortgage rates to rising […]

  8. […] confluence of factors are the cause, from low mortgage rates to rising […]

  9. […] That’s the lowest rate ever since long-term mortgages were introduced in the 1950s, even below the previous record low set in February. […]


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