ABBA First Mortgage News

Call Toll Free 866-676-3349 or (910) 332-0650 See our rates page specials! Rates steady last week but have gone UP & AWAY so far this week!

Rates were stable in the past week, despite the Fed’s move to increase short-term rates. For the week ending December 14, Freddie Mac announced that 30-year fixed rates fell one tick to 3.93% from 3.94% the week before. The average for 15-year loans remained at 3.36%. The average for five-year adjustables rose one tick to 3.36%. A year ago, 30-year fixed rates averaged 4.16%, almost 0.25% higher than today. Attributed to Sean Becketti, chief economist, Freddie Mac –“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017. The market had already priced in the rate hike, thus long-term interest rates, including rates on home loans, hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed rate inching down 1 basis point to 3.93 percent in this week’s survey. Rates on home loans have been in a holding pattern for the fourth quarter, remaining within a 10-basis point range since October.”  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.

On December 18th and today, December 19th, the market has deteriorated and rates have begun to spike up.  This may be in anticipation of the holidays and the next rate hike that the Feds have already planned for next year in 2018.  Please consider your refinancing or your purchasing NOW before rates go up further and you find that your dollar doesn’t go nearly as far as it once did when rates were lower.  Call us today at 910-332-0650 and ask for Richie Biagini to discuss your mortgage needs that will be most beneficial for you and your needs.

Leave a Reply