Right now mortgage interest rates are the best I’ve ever seen. As someone who is not a financial expert, I am stunned by another drop in mortgage loan rates. As a Realtor I am thrilled! This bodes well for all of my Buyer clients who are on the verge of making an offer, as well as for my Seller clients who are hoping for a sale in the next few weeks as this drop should light a fire under any home buyer. My advice to buyers right now? Lock on!! ~Bill
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Mortgage rates moved lower with the 30-year fixed-rate declining for the second straight week, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).
“Long-term Treasury yields continue to drop, dragging mortgage rates down with them,” says Sean Becketti, chief economist, Freddie Mac. “Turbulence in overseas financial markets is generating a flight-to-quality which benefits U.S. Treasury securities. In addition, sagging oil prices are capping inflation expectations. The net effect on the 30-year mortgage rate was a 5 basis point drop to 3.92 percent.”
The 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.6 point for the week ending January 14, 2016, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
Results show that the 15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from 3.26 percent last week. A year ago at this time, the 15-year FRM averaged 2.98 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.90 percent.
For more information, visit FreddieMac.com.
Reprinted with permission from RISMedia. ©2016. All rights reserved.
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