ABBA First Mortgage News

Rates continue to rise as the economy continues to improve

Rates rose in the past week, with 30-year fixed rates moving close to the 4.00% level.  For the week ending December 28, Freddie Mac announced that 30-year fixed rates rose 3.99% from 3.94% the week before.  The average for 15-year loans increased to 3.44%.  BUT LOOK AT ABBA FIRST MORTGAGE INTEREST RATES!  Our rates are amongst the lowest offered in the country for fixed rate mortgages.  Without going through each one individually, please go to our RATES page as you can link to it just above this news page.  About other rates- the average for five-year adjustables rose to 3.47%.  A year ago, 30-year fixed rates averaged 4.32%, more than 0.25% higher than today.  Attributed to Sean Becketti, chief economist, Freddie Mac — “As we expected, rates on home loans felt the effect of last week’s surge in long-term interest rates in the final, shortened week of 2017. The 30-year fixed rate increased 5 basis points to 3.99 percent in this week’s survey. Although this week’s survey rate represents a five-month high, 30-year fixed rates are still below the levels we saw at the end of last year and the early part of 2017. Rates on home loans have remained relatively low all year.”

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