ABBA First Mortgage News

Mortgage interest rates inching up again. Economists suggest not to wait for better rates.

We’re in December and closing in on one of my favorite holidays, Christmas which is a precursor to the New Year. Several borrowers would like to close their loans before the end of the year to take advantage of tax laws and how the laws affect them with their overall tax earnings and deductions.  Today is December 10th and it’s up to you to get your loan inquiry in within a couple of days to possibly be able to join those who are in this group of looking forward to keep what they can in their pockets rather than in the government’s vaults.

Although rates were fairly stable this past week ending on December 5th, today is a different story.  Rates have begun the worsening that we had dreaded over the many weeks that we continued to see them improve.  The request to LOCK in your rate ASAP is out there for all to see.  Let’s hope there is a change in the direction of where the rates are heading and that you too can take advantage of the lowest rates in the history of the mortgage market.  Several actions would have to happen to see improving rates once again.  Please call us at 910-332-0650 and let’s talk about where the rates are today and what you might be able to obtain for your particular loan scenario.

[For the week ending December 5, Freddie Mac announced that 30-year fixed rates remained at 3.68%. The average for 15-year loans moved down one tick to 3.14% and the average for five-year ARMs moved down to 3.39%. A year ago, 30-year fixed rates averaged 4.73%, more than 1.0% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac –“This week the economy sent mixed signals, leaving rates on home loans unchanged. Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising eight percent. Clearly homebuyers remain bullish on the real estate market.”]

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.  [Taken from Origination Pro Update-The Hershmann Group]

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