Usually, posts from Fannie Mae lag behind by about a week, so I will preface my ABBA First post by stating that today is Friday the 13th of August. After several days of having the MBS (Mortgage Backed Securities) worsen since August 5th, this morning we have seen a nice improvement in interest rates due to a lower than expected Consumer Confidence level. Remember, bad news for the economy is good news for mortgage interest rates. ABBA First welcomes any and all inquiries about interest rates for purchase or refinance transactions and will strive to either meet or beat any bona fide offer that is presented and at the same time, offer exceptional service which is second to none. Call us at 910-332-0650 and ask for Rich.
For the week ending August 5, Freddie Mac announced that 30-year fixed rates decreased to 2.77% from 2.80% the week before. The average for 15-year loans remained at 2.10% and the average for five-year ARMs fell to 2.40%. A year ago, 30-year fixed rates averaged 2.88%, .11% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – ” With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit. The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.”
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.