NEW YORK – While home sales remain sluggish, rates on mortgages remain at near record lows.
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In fact, Bankrate.com reported that the jumbo 30-year fixed mortgage rate hit its lowest mark ever, 4.68%, in its most recent survey.
Meanwhile, the average rate on a 30-year fixed stood at 4.24% in the new survey, while the 15-year fixed was an even more attractive 3.48%. ARMs also have declined, with the average five-year ARM slipping further to 3.18% and the 10-year ARM falling to 3.8%.
Bankrate.com projected that based on other benchmark interest rates, mortgage rates could decline even further.
