According to the Associated Press. long term mortgage rates are down. Now is a great time to reach out and start looking for a property. We surround ourselves with a network of professionals. We are able to assist anywhere you are!
Long-Term Mortgage Rates Fall – 30-Year at 3.64%
From The Associated Press
Sept.
has been a volatile month for mortgage rates. The average is down from
3.73% last week. One year ago, the 30-year FRM averaged 4.72%.
WASHINGTON
(AP) – U.S. long-term mortgage rates fell this week following a sharp
rise the week before, making September the most volatile month for the
key 30-year loan since March.
Mortgage rates have been running near historic lows,
spurring prospective homebuyers, amid an uncertain economic outlook.
Mortgage buyer Freddie Mac says the average rate on the 30-year,
fixed-rate mortgage dropped to 3.64% from 3.73% last week. By contrast,
the average rate stood at 4.72% a year ago.
A sharply divided Federal Reserve last week cut its
benchmark short-term interest rate for a second time this year but
declined to signal that further cuts are likely in 2019. The Fed rate
influences many consumer and business loans.
The average rate for 15-year, fixed-rate home loans declined this week to 3.16% from 3.21% last week.
Freddie Mac surveys lenders across the country between
Monday and Wednesday each week to compile its mortgage rate figures. The
average doesn’t include extra fees, known as points, which most
borrowers must pay to get the lowest rates.
The average fee on 30-year fixed-rate mortgages rose this week to 0.6 point from 0.5 point.
The average fee for the 15-year mortgage was unchanged at 0.5 point.
The average rate for five-year adjustable-rate mortgages fell to 3.38% from 3.49%. The fee remained at 0.4 point.
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