Home Buyers are never quite sure of the precise moment to lock in their interest rate. Quite frankly, I’m not sure you’ll find a better time than now. Thought the Spring home buying season is right around the corner, home prices seem to be fairly stable, by which I mean we’re experiencing a normal rise and no foreseeable cause for alarm. And in my humble opinion interest rates for a home loan couldn’t be better.
Mortgage rates are naturally in a constant flux, but there’s been a steady downward trend for several weeks. A Conventional 15-year fixed mortgage rate dropped again today, as did some ARMs, Adjustable Rate Mortgages. Conventional 30-year are up but only slightly.
The lowest rates are of course earmarked for those with the highest credit scores, however even with a less than stellar score you can get a home loan at a surprisingly competitive rate right now.
If you’re in the market for a home, this might be a great time to lock in your interest rate.
Mortgage rates have been so unpredictable in the past few months that the experts at Bankrate.com are divided in their outlook for this week (Feb. 27-March 5), 12 percent of panelists believe mortgage rates will rise over the next week or so; 38 percent think rates will fall; and 50 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).
In a Drop to Early 2018 Levels, Mortgage Rates Slide
By RISMedia Staff
The average 30-year, fixed mortgage rate slid this week, down to 4.37 percent, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage rate stands at 3.81 percent, and the average five-year, Treasury-indexed hybrid adjustable rate stands at 3.88 percent.
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” says Sam Khater, chief economist at Freddie Mac. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home-buying season.”
30-Year Fixed
- Averaging 4.37 percent, with an average 0.4 point
- Down from 4.41 percent the prior week and 4.38 percent the prior year
15-Year Fixed
- Averaging 3.81 percent, with an average 0.4 point
- Down from 3.84 percent the prior week and the prior year
5-Year Adjustable
- Averaging 3.88 percent, with an average 0.3 point
- Down from 3.91 percent the prior week, but up from 3.63 percent the prior year
Source: Freddie Mac Reprinted with permission from RISMedia. ©2019. All rights reserved.
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Bill Salvatore / Arizona Elite Properties
Your Valley Property Team
Residential Sales, Marketing, and Property Management
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