For the week ending February 13, Freddie Mac announced that 30-year fixed rates moved up to 3.47% from 3.45% the week before. The average for 15-year loans remained at 2.97% and the average for five-year ARMs moved down to 3.28%. A year ago, 30-year fixed rates averaged 4.37%, almost 1.00% higher than today. “With rates on home loans hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years. This surge coupled with strong purchase activity means that total demand remains robust, reflective of a solid economic backdrop and a very low interest rate environment,” said Sam Khater, Chief Economist, Freddie Mac.
With uncertainty such as this, ABBA First suggests that if this is as low as it has ever been, of if it is almost there, why risk it getting away due to the risk or the gamble that you may save $10 more a month, but in fact, you’re doomed to lose $20 monthly for the unnecessary risk that you took. Please call us at 910-332-0650 and run your situation by one of our loan officers and we can advise you based on you circumstances as to what might be best for your situation. We’re always out to see our clients get what they want and typically what they deserve.
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.