Low Interest Rates

If you purchased a home a year ago a refinance today could save you hundreds of dollars a month. Or, if you are in the market to buy a home, interest rates will make for a more affordable deal. Freddie Mac's Primary Mortgage Market Survey for Nov. 12 put the average fixed interest rate for 30-year conforming mortgages at 4.91 percent. Last year at the same time, the 30-year fixed rate mortgage (FRM) averaged 6.14 percent. On a $300,000 mortgage the principle and interest payment at today's average rate would be about $1,594, compared to $1,825 a year ago, according to Erate's calculators.