Fixed mortgage rates drop to historic low

Potential homebuyers and those looking to refinance are getting a big break as fixed mortgage rates drop to a historic new low. The average 30-year

HAUPPAUGE - Potential homebuyers and those looking to refinance are getting a big break as fixed mortgage rates drop to a historic new low.

The average 30-year fixed mortgage rate is now at four percent, allowing the dream of buying a home to become a reality for many Long Islanders.

David Rodriguez, 27, just closed on his first home in Baldwin today with the help of the Long Island Housing Partnership. He says he had been trying to buy for more than a year.

Bethpage Federal Credit Union CFO Brian Clarke says that when it comes to refinancing, volume has tripled within the past month. However, other experts say the low rates aren't doing much for some home sales because many people still don't have enough cash or home equity to get a loan.

Share on Facebook Tweet on Twitter

advertisement | advertise on News 12

Top 5 Must See

The video shows the suspect walk into the 1 Police release video of suspect in Floral Park Motel robbery
Demonstrators protest on the National Mall in Washington, 2 Hundreds of thousands of women protest against Trump
Republican Assemblyman Chad Lupinacci, of South Huntington, drove 3 LI lawmakers return from Trump inauguration in Washington
As News 12 has reported, The IDA approved 4 Dozens protest in Hempstead over mall tax break
Police say about 800 people showed up to 5 'Sister march' held in Port Jeff Station in solidarity with DC event

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE