ABBA First Mortgage News

Low rates remain low despite bank pipelines filling up

For the week ending September 17, Freddie Mac announced that 30-year fixed rates rose one tick to 2.87% from 2.86% the week before. The average for 15-year loans decreased to 2.35% and the average for five-year ARMs decreased to 2.96%. A year ago, 30-year fixed rates averaged 3.73%, over .75% higher than today. “Despite the recession, the very low interest rate environment has spurred many first-time homebuyers to jump into the real estate market. In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy,” 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.

Leave a Reply