ABBA First Mortgage News

Rates continue to rise slowly

ABBA First Mortgage of Wilmington NC continues to offer low rates to clients seeking to purchase new home homes in NC or TN despite the trends towards higher interest rates throughout the industry.  Refinancing rates continue to remain low although slightly higher than the rates offered for homes being purchased with specials and incentives by lenders to attract first time home borrowers and to keep borrowers from leaving their flock.  A simple phone call to 910-332-0650 requesting a quote for you to see what they can do for you is all it takes to see if ABBA First Mortgage can provide you with the lowest interest rate loan for your mortgage needs.

For the week ending February 4, Freddie Mac announced that 30-year fixed rates remained at 2.73%, the same as the week before. The average for 15-year loans rose one tick to 2.21% and the average for five-year ARMs fell slightly to 2.78%. A year ago, 30-year fixed rates averaged 3.45%, almost 0.75% higher than today. “Rates on home loans remained flat this week and near record lows, signifying an economy that continues to struggle. This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position. While many have already refinanced, the evidence suggests that upper income homeowners have taken advantage of the opportunity more so than lower income homeowners who could stand to benefit the most by lowering their monthly mortgage payment,” said Sam Khater, Chief Economist, Freddie Mac.

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