ABBA First Mortgage News

Rates have held steady two weeks in a row but are poised to go up before possibly going lower.

For the week ending December 10, Freddie Mac announced that 30-year fixed rates remained at 2.71% from the week before. The average for 15-year loans also remained the same at 2.26% and the average for five-year ARMs fell to 2.79%. A year ago, 30-year fixed rates averaged 3.73%, more than 1.00% higher than today. “Rates on home loans remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between rates on home loans and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s spread is about 1.8 percent and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels,” said Sam Khater, Chief Economist, Freddie Mac.

Always check NC mortgage rates at www.abbafirst.com for the up to the day rate for Wilmington NC rates.  We offer low mortgage rates for Conventional, FHA, VA, USDA purchases or refinances and work with borrowers whether seasoned purchasers or first time home buyers.  Please call us at toll free at 866-676-3349 or email Rich at richsr@abbafirst.com

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.

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