Update on mortgage rates for 1-5-2013 plus a huge chart from FHFA showing just how rates have dropped…
Ah Saturday. Trying to get some stuff done in the office before spending some time with the wife. This is the first mortgage rate update for 2013 and if buying a home is your New Year’s resolution, then you will want to check out the mortgage rates…
Consider this chart from FHFA showing you just how low rates have dropped:
Yes rates have dropped dramatically over the past year. Maybe it is time to start getting serious about your home buying plans by taking the first step and contact a lender? Hmm, lets look a little deeper into mortgage rates by examining the average mortgage rates reported this week by Freddie Mac:
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 3.34% with an average 0.7 points
- This is down from last week when it averaged 3.35%
- Last year at this time, 30-year fixed-rate mortgages averaged 3.91%
- 15-year fixed rate mortgages averaged 2.64% with an average 0.7 points
- This is also down from last week when it averaged 2.65%
- A year ago at this time, the 15-year fixed-rate mortgages averaged 3.23%
The Take Away:
Now I normally also report the average rates reported by the Mortgage Bankers Association but their website appears to be down this weekend. Not sure why but maybe next week it will be back up.
Anyway, I read a poll from Gallup this week that in some ways may be more important to the real estate market than what the average rates are:
Americans Optimistic About Life in 2013
69% of those polled said they are optimistic about how they and their family will do in 2013. This is important because it shows us that people are starting to feel more confident. And it does take some confidence to make what is probably the biggest purchase in your life. Yes buying a home is a major financial decision.
However, we can probably both agree that if it makes good sense for you to buy a home, the mortgage rates available today could mean an even better monthly payment than just a year ago. The thing is, I report the average mortgage rates and the cold hard truth is what the average mortgage rates are has nothing to do with what is really important for you. You see the only way to find out exactly what is possible for you is by talking to a mortgage lender.
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.