Home Mortgage Rates “Hold Steady This Week”

Mortgage rates remain unchanged this week from last week, staying low and keeping home buyer affordability high, Freddie Mac reports in its mortgage market survey. 

“Mortgage rates were flat to down a little this week amid reports that inflation remains contained,” says Frank Nothaft, Freddie Mac’s chief economist. 

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 17: 

  • 30-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.7 point, dropping from last week’s 3.40 average. A year ago at this time, 30-year rates averaged 3.88 percent. The record low for 30-year rates is 3.31 percent, set on Nov. 21, 2012. 
  • 15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 15-year rates averaged 3.17 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.6 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.82 percent.

Source: Freddie Mac

Home Buying gets another “Boost in Affordability”

Here’s our weekly update for home buyers or refinancers. Borrowing costs for home ownership just got a little cheaper as mortgage rates took another dip to new all-time record lows this week, Freddie Mac reports in its weekly mortgage market survey.

“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at average rates for the week ending May 3:

•30-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.8 point, reaching a new historical low. The previous record for 30-year rates was 3.87 percent, which was set on Feb. 9 of this year. A year ago at this time, rates averaged 4.71 percent.

•15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, another historical low. The previous record for 15-year rates was 3.11 percent set on April 12 this year. A year ago at this time, 15-year rates had averaged 3.89 percent.

•5-year adjustable-rate mortgages: averaged 2.85 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 3.47 percent.

Source: Freddie Mac

“Housing Affordability Higher” with Low Interest Rates!

Great to report that loan rates hit another all-time low this week, marking the seventh straight week it has averaged below 4 percent, Freddie Mac reports in its weekly mortgage market survey.

Here’s a closer look at rates for the week ending Jan. 19: 

  • 30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.8 point, a new all-time low and dropping from last week’s previous record of 3.89 percent. A year ago at this time, 30-year rates averaged 4.74 percent. 
  • 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.8 point, up slightly from last week’s record low of 3.16 percent. Last year at this time, 15-year rates averaged 4.05 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.82 percent, with an average 0.7 point, the same as last week’s average. Last year at this time, 5-year ARMs averaged 3.69 percent. 
  • 1-year ARMs: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this point, the 1-year ARM averaged 3.25 percent. 

Source: Freddie Mac

More news from the “Sierra Foothills” of El Dorado, Placer, Amador and Sacramento Counties of California at: www.sierraproperties.com or email: zeller123@gmail.com