What is happening?
Mortgage rates were back down across the board again this week, offering some temporary relief to home buyers. Rates posted a rapid increase throughout most of the spring but have recently reversed course, declining in five of the past six weeks. The 30-year fixed-rate mortgage is now at its lowest average since April.
“The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points,” says Sam Khater, Freddie Mac’s chief economist. “What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term.”
Freddie Mac reports the following national averages with mortgage rates for the week ending July 5:
• 30-year fixed-rate mortgages: averaged 4.52 percent, with an average 0.5 point, dropping from last week’s 4.55 percent average. Last year at this time, 30-year rates averaged 3.96 percent.
• 15-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.4 point, falling from last week’s 4.04 percent average. A year ago, 15-year rates averaged 3.22 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.74 percent, with an average 0.3 point, falling from last week’s 3.87 percent average. A year ago, 5-year ARMs averaged 3.21 percent.
As always, thank you for reading, feel free to reach out to me if you have any questions, I’m here for ya 🙂
xx
-Damaris
Source: Freddie Mac
I LOVE RENTING, said no one ever.
I want to share with you why it’s ultimately better to own than rent. The housing market across California has had large price gains over the past years. You often contemplate whether it is
First off, this is not a bribe. You can do it, or not, doesn’t matter, but what better way to thank you for your word
It’s true, you can buy without a social and it’s totally legal. This is huge! California is home to an estimated 2.6-2.8 million undocumented immigrants
File this question under “it depends.” It’s true that loans with down payments of 20 percent or more cost borrowers less over time than low
San Francisco, I feel like I don’t even have to say that it’s expensive and unaffordable for the average person, I’m sure the whole country
If you’re beginning to venture down the road to independence, chances are high you’ll have to take out a loan at some point. Did you