Fixed-rate mortgages were up this week for the fourth week in a row in Freddie Mac's weekly rate survey.
The average 30 year fixed-rate mortgage this week was 4.62 percent with an average of 0.7 points. This as up from last week when the average was 4.46 percent. One year ago, the average 30 year rate was 4.81 percent.
The average 15 year fixed-rate mortgage this week was 3.96 percent with an average of 0.7 points. This was up from last week when the average was 3.81. One year ago, the average 15 year fixed-rate mortgage was 4.32 percent.
The 5/1 and 1/1 adjustable-rate mortgages (ARM) were also up slightly.
The 5/1 average for this week was 3.60 with an average of 0.6 points. Last week’s average was 3.49 percent. One year ago, the 5/1 ARM averaged 4.26 percent.
The 1/1 ARM was 3.27 percent with 0.6 points this week, up from 3.25 percent last week. One year ago, the average 1/1 ARM averaged 4.24 percent.
Though mortgage rates have been rising for the past few weeks, they are still not far off of their historic lows. Home prices are lower than they've been in many years. We may never see conditions this good again in our lifetime. So . . . why not take the plunge and buy your dream home now? Here are just a few reasons why now may be the time.
1) Mortgage rates are at historic lows. Thirty year fixed rates can be had for as low as 4.5% with 0 points. Though they are up slightly from their all time low a few months ago, they are still extremely low when compared to what has been available over the past 50 years.
2) Home prices are more attractive than ever. Prices have plummeted just about everywhere. In some of the southern and southwestern states, many homes are priced at half what they were just a few years ago. Half! That means that the home that you have always wanted might be within reach for the first time.
3) The real estate market is still slow and there is plenty of inventory of homes for sale. Translation: Lots of choices for you!
4) Home prices are stabilizing in some areas and many believe we are at or near "bottom". And whether it is stocks or real estate, we all like to buy at the "bottom", don't we?
5) The requirements to get a mortgage loan are much stricter than they were a few years ago. So there are not as many people that can qualify. If you have a good credit score, a stable work history and can put at least 20% down, you may be among the lucky folks that can qualify for the best mortgage loan rates. And because there are fewer people that can qualify for loans in general today, you are like "gold" to the seller. Your buying power has never been better.
Visit http://www.infotrak.com/ for the latest mortgage rates in your area, information on local lenders, free personalized rate quotes from multiple lenders of your choice with one application, mortgage related news, must-read articles and advice, mortgage calculators and more . . .
Fixed rate mortgage rates were unchanged this week according to Freddie Mac’s latest survey.
The average 30-year fixed mortgage rate was 4.37 percent with an average of 0.7 points. Last week’s average rate was also 4.37 percent. One year ago, the 30-year fixed mortgage rate was 5.04 percent.
The average 15-year fixed mortgage rate was 3.82 percent with an average of 0.7 points. This was also unchanged from last week. One year ago, the 15-year fixed mortgage rate was 4.46 percent.
The 5/1 adjustable rate mortgage (ARM) averaged 3.54 percent this week, with an average of 0.6 points. This is down just slightly from last week when the average was 3.55 percent. One year ago, the average 5/1 ARM was 4.46 percent.
With low inflation and a slowly recovering economy, there is little reason for rates to increase in the very near term.
Mortage rates hit new lows again this week due to expectations that inflation will remain low in the near term.
The 30-year fixed mortgage rate averaged 4.32 percent with an average of 0.7 points in this week’s Freddie Mac survey. This was down from 4.36 percent last week. One year ago, the rate was 5.08 percent.
The 15-year fixed mortgage rate averaged 3.83 percent with an average of 0.6 points. This was down from 3.86 percent last week. One year ago, the rate was 4.54 percent.
The 5/1 adjustable rate mortgage averaged 3.54 percent with an average of 0.6 points. This was down from 3.56 percent last week. One year ago, the rate was 4.59 percent.