For the week ending October 17, Freddie Mac announced that 30-year fixed rates rose to 3.69% from 3.57% the week before. The average for 15-year loans increased to 3.15% and the average for five-year ARMs remained at 3.35%. A year ago, 30-year fixed rates averaged 4.85%, more than 1.00% higher than today. “Despite this week’s uptick in rates, the housing market remains on the upswing with improvement in construction and home sales. While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging,” said Sam Khater, Chief Economist, Freddie Mac.
ABBA First has tried to hold the line for our NC and TN friends as we’ve priced ourselves amongst lowest providers of mortgage lenders in the southeast. Should you have the need for cash out to consolidate your debts or send a student off to school, now is the time to take advantage of the equity in your home by refinancing at today’s low rates. Call 910-332-0650 and let’s take your application over the phone to start the pre-approval process right away while the “getting is still good”!
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.