ABBA First Mortgage News

Happy 4th of July but be like the rates- and stay slow, steady, and stable just like last week.

Rates were stable in the past week after falling from recent highs.  For the week ending June 28, Freddie Mac announced that 30-year fixed rates decreased to 4.55% from 4.57% the week before.  The average for 15-year loans was unchanged at 4.04% and the average for five-year adjustables rose to 3.87%.A year ago, 30-year fixed rates averaged 3.88%.  Attributed to Sam Khater, Chief Economist, Freddie Mac — “The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer.  Some are undoubtedly feeling the affordability hit from swift price appreciation and rates on home loans that are still 67 basis points higher than this week a year ago.  As highlighted in our June Forecast, the economy and housing market overall are on solid footing this summer, which should support continued strength in housing demand.  Home price growth is still high, but is expected to moderate, and while sales activity has slowed, it’s primarily because of stubbornly low supply.”

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.

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