ABBA First Mortgage News

Finally- rates did NOT increase this past week and the market saw a little reprieve.

While rates saw a slight improvement, ABBA First still has the lead in overall low rates.  Call 910-332-0650 and get the rate that you want and deserve just by asking and being approved for that rate and term.  We WANT to meet your mortgage needs and desires!

Rates fell back in the past week after several increases which brought rates to levels not seen for several years.  For the week ending October 18, Freddie Mac announced that 30-year fixed rates decreased to 4.85% from 4.90% the week before.  The average for 15-year loans fell to 4.26% and the average for five-year adjustables increased to 4.10%.  A year ago, 30-year fixed rates averaged 3.88%, close to one percent lower than today.  Attributed to Sam Khater, Chief Economist, Freddie Mac — “The modest decline in rates on home loans is a welcome respite from the rapid increase in rates the last few weeks.  While the housing market has clearly softened in reaction to the rise in interest rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods.”

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.

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