ABBA First Mortgage News

Rates marching upwards

With regard to low mortgage rates in Wilmington NC, ABBA First offers a wide variety of loan programs including FHA, VA, USDA, and Conventional, all at low competitive interest rates with 5 star service that is second to none. Some may say, “so who cares, as long as I get the lowest rate possible”.  Sadly, these borrowers struggle there way through problem after problem with the processing of their loan until many of them simply throw up their hands and say “I quit!”  At ABBA First, we struggle also, but do it on our end and work out the details with the lender so that you don’t have to.  It makes all the difference in the world- AND our rates are competitive.  Just give us a chance!  We’ll strive to meet out competitor’s rates to earn your business.  Call toll free 866-676-3349 in NC and TN.

For the week ending March 25, Freddie Mac announced that 30-year fixed rates increased to 3.17% from 3.09% the week before. The average for 15-year loans rose to 2.45% and the average for five-year ARMs increased to 2.84%. A year ago, 30-year fixed rates averaged 3.50%, over 0.25% higher than today. “During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers. Since January, rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest,” 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.

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