Rates bounced back down in the past week, not unusual for a week after the Fed raises rates, because the markets had moved up in anticipation of the action and there were no surprises. Although the following are averages from all lending sources, ABBA First Mortgage offers a lower rate than the market place. Read on and call us to find out how you can take advantage of these savings..
For the week ending March 23, Freddie Mac announced that 30-year fixed rates fell to 4.23% from 4.30% the week before. (ABBA First was 4.0% with no points for the qualified borrower). The average for 15-year loans decreased to 3.44%, and the average for five-year adjustables moved down to 3.24% compared to ABBA First at 3.125%. A year ago, 30-year fixed rates averaged 3.71%. Attributed to Sean Becketti, chief economist, Freddie Mac — “The 10-year Treasury yield fell about 10 basis points this week. The average rate on 30-year fixed loans moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.