Long-term mortgage rates haven’t been this low since 2017.

On Thursday, Freddie Mac reported 3.82 percent with an average 0.5 point as the average for a 30-year mortgage, down 17 basis points from last week. Long-term rates last dropped to this level in September 2017.

“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers,” Freddie Mac’s Sam Khater said in a release. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

SOURCE: UrbanTurf