ABBA First Mortgage enjoys working with clients as they seek to lower their interest rate from an already low rate to a rate that may be lower due to the fact that rates are the lowest ever! If you think that you’d like to see if you qualify for a better rate than what you’ve already got, please give us a call and let’s see if refinancing is worth it with reduced closing costs and a new lower monthly payment.
For the week ending November 5, Freddie Mac announced that 30-year fixed rates fell to 2.78% from 2.81% the week before. The average for 15-year loans remained at 2.32% and the average for five-year ARMs rose slightly to 2.89%. A year ago, 30-year fixed rates averaged 3.69%, almost 1.00% higher than today. “Rates on home loans hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot,” 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.