For the week ending April 1, Freddie Mac announced that 30-year fixed rates increased slightly to 3.18% from 3.17% the week before. The average for 15-year loans remained at 2.45% and the average for five-year ARMs also was unchanged at 2.84%. A year ago, 30-year fixed rates averaged 3.33%, 0.15% higher than today. “Although rates remain low, we are beginning to see a pullback by those looking to enter the housing market. In fact, homebuyer demand has gone from 25% above pre-COVID levels at the start of the year, when rates hit record lows, to 8% above pre-COVID levels today. We even see that purchase demand is diminished today as compared to late May and early June of 2020, when rates were the same level. This is confirmation that while purchase demand remains strong, the marginal buyer is feeling the affordability squeeze resulting from the increases in mortgage rates and home prices we’ve experienced in recent months,” said Sam Khater, Chief Economist, Freddie Mac.
Call ABBA First at 910-332-0650 and ask for Rich for the latest in rates or go to their rates page which is updated daily for general rates, not specific to your mortgage or any improvements available.
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.