Great News for Home Buyers
Mortgage Interest Rates at Historic Lows!
The latest Freddie Mac report shows the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).
This is great news for home buyers dealing with rising home prices due to low inventory of houses for sale. Freddie Mac expressed optimism for the rates to remain low throughout the spring in a recent blog post:
“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”
Below is a Freddie Mac chart of the weekly average interest rates in 2016.
Rates are at historic lows yet many experts still expect them to increase in 2016.
Sean Becketti, Chief Economist for Freddie Mac recently explained:
“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”
Real Estate Bottom Line
If you are thinking of buying a home, whether you are a first time home buyer, buying your dream home or even buying an investment home, now is a great time to get a historic low interest rate on your mortgage.
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