bank rates

Fixed-rate mortgages cheaper than ever

Interest rates on the safest and most popular types of mortgages fell to record lows this week.

The average cost of a 30-year, fixed-rate mortgage was The average cost of a 30-year, fixed-rate mortgage was 5.06% this week, and home loans that cost 4.75% or less are available in virtually every market. 5.06% in Bankrate’s latest weekly survey of major lenders — the lowest average since the survey began in 1985.

In every market we checked, we found lenders offering these loans for 4.75%, with no points and fees of $2,000 or less.

The average cost of 15-year mortgages also reached a record low 4.72%, and jumbo loans are averaging less than 6% for the first time in more than four years.

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