For the week ending October 1, Freddie Mac announced that 30-year fixed rates fell to 2.88% from 2.90% the week before. The average for 15-year loans decreased to 2.36% and the average for five-year ARMs remained at 2.90%. A year ago, 30-year fixed rates averaged 3.65%, more than .75% higher than today. “As a result of low interest rates that have stayed under three percent since July, the housing market has seen a strong, upward trajectory during a very uncertain time. We’re seeing potential home buyers who now have more purchasing power and many current homeowners who have the option to refinance their loan for a better rate. However, several factors could disrupt this activity including high home prices, low inventory and lender capacity,” said Sam Khater, Chief Economist, Freddie Mac.
At ABBA First, we strive to find the best rates available from more than a dozen lenders across the country. Please give us a call and let us help you find the best rate for your needs at 910-332-0650.
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.