We thought it was over. Interest rates continued their uphill climb with the 30 year being advertised in the 5’s. However after dropping for six consecutive weeks, according to the Primary Market Survey from Freddie Mac, rates have remained flat. At ABBA First, we see some stability to slightly improving possibilities in the short run.
“Weaker manufacturing data and a more dovish tone from the Federal Reserve left mortgage rates unchanged relative to last week,” said Sam Khater, chief economist at Freddie Mac. “However, interest rate-sensitive sectors of the economy–such as consumer mortgage demand and homebuilder construction sentiment–are on the mend, which indicates that lower interest rates are beginning to have a positive impact on some segments of the economy.”
The 30-year fixed-rate mortgage averaged 4.45 percent with an average 0.4 point for the week ending January 17, 2019, unchanged from last week. ABBA First was at 4.25% with 0 points. A year ago, the 30-year FRM averaged 4.04 percent.
The 15-year fixed-rate mortgage this week averaged 3.88 percent with an average 0.4 point, down from last week when it averaged 3.89 percent. A year ago, the 15-year FRM averaged 3.49 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87 percent with an average 0.3 point, up from last week when it averaged 3.83 percent. A year ago, the 5-year ARM averaged 3.46 percent.
Before you decide to finance your home with any lender that claims to have the best, or with a builder that may be offering a cash incentive if you use their lender, please call us. If we cannot beat the best offer that you received, we’ll tell you that you’ve found something that can’t be beat. BUT typically, we’ll save you money at closing AND with your monthly payments. Thisis an offer that you shouldn’t pass up. Knowing that you found the best is what you were looking for in the first place. Call 910-332-0650 and ask to speak to Rich.