|ABBA First recognizes that for many people, mortgage interest rates seem to be very high as the 30 year national average has reached 4.75%. However, for those of us who purchased homes in the late 1970’s or early 1980’s, having a mortgage rate less than 10.99% was awesome! It’s all relevant! While rates are still amongst the lowest in recorded mortgage history, may I suggest that you take advantage of the even lower rates that ABBA First Mortgage offers than the national average by calling 910-332-0650 and asking for the owner, Rich Biagini, and our unadvertised specials!
Rates moved to their highest level of the year in anticipation of the Federal Reserve hiking short-term rates. For the week ending September 27, Freddie Mac announced that 30-year fixed rates increased to 4.72% from 4.65% the week before. The average for 15-year loans rose to 4.16% and the average for five-year adjustables increased to 3.97%. A year ago, 30-year fixed rates averaged 3.83%. Attributed to Sam Khater, Chief Economist, Freddie Mac –“The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused rates on home loans to move up. Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success. With inventory constraints and home prices starting to ease, purchase applications have now trended higher on an annual basis for six straight weeks. Consumer confidence is at an 18-year high, and job gains are holding steady. These two factors should keep demand up in coming months, but at the same time, home shoppers will likely deal with even higher interest rates.
” 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.