We see, while looking for low Wilmington mortgage rates, that rates got a little bit better (were “gooder”) last week, but it’s amazing how easily the market can turn on a dime and give back all the gains in just a week. Today is Thursday, June 3, and rates are struggling to hold the better pricing that it had produced a mere week ago. ABBA First Mortgage is still offering a rate lower than the national rate with 2.875% at 0 points being the name of the game for qualified clients seeking to purchase a home with a 30 year mortgage.
For the week ending May 27, Freddie Mac announced that 30-year fixed rates decreased to 2.95% from 3.00% the week before. The average for 15-year loans fell to 2.27% and the average for five-year ARMs remained at 2.59%. A year ago, 30-year fixed rates averaged 3.15%, 0.20% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate loan in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming loans have the ability to refinance and reduce their interest rate by at least half a percentage point.”
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.