ABBA First Mortgage News

Are low rates gone while advertised rates continue to rise?

Not according to ABBA First Mortgage!  Just look at the Rates Page of www.ABBAFirst.com to see the latest low rates that are still available for clients seeking to find the best option for their next mortgage.  There you will notice that the low rates that you were still hoping for are still available and with just a phone call, you could be well on your way to obtaining the best rate for your home’s mortgage.

For the week ending March 4, Freddie Mac announced that 30-year fixed rates increased to 3.02% from 2.97% the week before. The average for 15-year loans remained at 2.34% and the average for five-year ARMs fell to 2.73%. As of  March 11, rates were flirting with 3.125% not too far from where we were a year ago when the 30-year fixed rates averaged 3.29%, just about 0.125% higher than today. “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable. While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season,” said Sam Khater, Chief Economist, Freddie Mac.

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.

Leave a Reply