For the week ending September 26, Freddie Mac announced that 30-year fixed rates fell to 3.64% from 3.75% the week before. The average for 15-year loans decreased to 3.16% and the average for five-year ARMs moved down to 3.38%. A year ago, 30-year fixed rates averaged 4.72%, more than 1.0% higher than today. “With both the unemployment rate and fixed rates below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs. The fall housing market is poised to continue with steady gains in prices and solid sales activity,” said Sam Khater, Chief Economist, Freddie Mac.
It is a roller coaster ride that we’ve seen with lulls in-between the peaks and valleys. Just how long these flats will last depend upon nothing more than what we’ve been experiencing all along-uncertainty in the marketplace. The risk to float a loan may bring the reward that so many are waiting for, however the opportunity to lock at a rate which is as close to the lowest that we’ve ever had in the history of modern day interest rates, may be as comforting to many who do not gamble with their everyday resources. Please call ABBA First Mortgage and get on board with us as we work with you and for you seeking the BEST new mortgage for your needs.
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.