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It’s been an unbelievable year for mortgage rates, and the hits just keep on coming. On Dec. 3, Freddie Mac announced that the average interest rate on a 30-year fixed mortgage fell to 2.71%. That’s the lowest level on record for nearly 50 years. The average 15-year fixed mortgage dropped to 2.26%.
To give these numbers some context, a $100,000, 30-year mortgage at 2.71% leaves you with a monthly payment of $406.23 for principal and interest. Meanwhile, a 15-year mortgage for the same amount at 2.26% gives you a monthly principal and interest payment of $655.36. Borrowers often pass on a 15-year mortgage because they can’t swing the higher monthly payments that come with a
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