ABBA First Mortgage News

Lowest rates in more than 50 years!

The 30-year fixed-rate mortgage hit 3.29% Thursday – the lowest interest rate Freddie Mac has recorded since 1971.  ABBA First is offering lower rates for clients than that!  Give us a call at 866-676-3349 and find out what you are qualified to lock your rate in at!

Freddie’s Primary Mortgage Market Survey revealed that the 30-year FRM plunged from last week’s 3.45% and was lower than last year’s 4.41% average.

“The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history. Meanwhile, mortgage applications increased 10% last week from one year ago and showed no signs of slowing down,” said Freddie Mac Chief Economist Sam Khater.

The 15-year fixed-rate mortgage also fell from the previous week’s 2.95% to 2.79% this week. At this time in 2019, the 15-year FRM averaged 3.83%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped two basis points from 3.20% to 3.18%. A year ago at this time, the 5-year ARM was 3.87%.

“Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy,” Khater said.

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