ABBA First Mortgage News

Every little bit helps as rates inch back down again

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.

The typical 1% origination fee or discount point is used when most banks or lenders quote rates unless you are savvy enough to ask for a rate with no points and with no origination fees.  When compared to ABBA First Mortgage, the savings can be seen by obtaining either lower fractional points for the same rate or a better rate if using a higher origination fee or discount point.  Please compare apples and apples when shopping for your best rate and always give ABBA First Mortgage the opportunity to quote you aggressively to earn your business.

For the week ending August 27, Freddie Mac announced that 30-year fixed rates fell to 2.91% from 2.99% the week before. The average for 15-year loans decreased to 2.46% and the average for five-year ARMs remained at 2.91%. A year ago, 30-year fixed rates averaged 3.58%, over .50% higher than today. “This year has been anything but normal and as the uncertainty lingers, interest rates remain near record lows. These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall,” said Sam Khater, Chief Economist, Freddie Mac.

Call 910-332-0650 and ask for Rich Biagini to quote you on your next mortgage inquiry for the best rate and terms.

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