According to the buzz around town, low mortgage rates in Wilmington coupled with a vibrant real estate market, have prompted many people to shop for a new home even during this time when the fears of a pandemic seem to have kept most of us at home. I know this for a fact for I sold my home just a couple of weeks ago. It was a VA mortgage that the buyer ended up with and ABBA First offers great rates for VA loans in Wilmington. Give us a call at 910-332-0650.
For the week ending May 14, Freddie Mac announced that 30-year fixed rates moved up two ticks to 3.28% from 3.26% the week before. The average for 15-year loans decreased one tick to 2.72% and the average for five-year ARMs rose one tick to 3.18%. A year ago, 30-year fixed rates averaged 4.07%, more than 0.75% higher than today. “Rates on home loans have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves. Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet,” said Sam Khater, Chief Economist, Freddie Mac.
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.