The claim all along has been to buy now or refinance now before it’s too late! People have heard that cry for so long that they’ve likened it as unto the boy who cried wolf. But the day will soon come when rates will go up and those of you who have not taken advantage of these historically low rates “will be left behind” without a home (as I scramble in the fairy tale of the 3 pigs and the wolf who huffed and puffed and blew the houses down that had high interest rates or that were built poorly) that has a good mortgage interest rate. Call ABBA First now toll free at 866-676-3349.
For the week ending September 9, Freddie Mac announced that 30-year fixed rates rose one tick to 2.88%. The average for 15-year loans also rose one tick to 2.19% and the average for five-year ARMs decreased slightly to 2.42%. A year ago, 30-year fixed rates averaged 2.86%, slightly lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence. Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. Net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”
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.