Although the following paragraph about rates remaining unchanged from the previous week which according to this article’s “calendar” runs from Thursday to Thursday, on the very next day, Friday the 12th of February, we saw the market take a turn and rates begin to slip. Which leads to Tuesday when the Mortgage Backed Securities last 75 bps and the mortgage interest rates continued their worsening ways which began the previous week. “NOW, before rates slip away from us, is the time to jump on the bandwagon if you haven’t done so already, and refinance your home while rates are still at all time lows”. Give me a call at 910-332-0650 and let me guide you with an honest opinion of whether or not a new mortgage is the right thing for you and your needs at his time!
For the week ending February 11, Freddie Mac announced that 30-year fixed rates remained at 2.73%, the same as the week before. The average for 15-year loans fell to 2.19% and the average for five-year ARMs rose slightly to 2.79%. A year ago, 30-year fixed rates averaged 3.47%, almost 0.75% higher than today. “It’s a tale of two economies. The services economy remains in the doldrums, but the production side of the economy remains strong. New COVID-19 cases are receding, which is encouraging and that has led to a rise in Treasury rates. But the run-up in Treasury rates has not impacted mortgage rates yet, which have held firm. The residential real estate market remains solid given healthy purchase demand while implied real-time home price growth is high, due to the inventory shortage that is plaguing the housing market,” 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.