Looking at the latest mortgage rates reported by Freddie Mac, the MBA and Bankrate…
Freddie Mac on Mortgage Rates:
Well we got some good news from Freddie this week when they reported that mortgage rates hit a new low for 2016:
- 30 year fixed-rate mortgages averaged 3.59%
- Last week, 30 year fixed-rate mortgages average 3.71%
- Last year at this time, 30 year fixed-rate mortgages averaged 3.66%
- 15 year fixed-rate mortgages this week averaged 2.88%
- Last week, 15 year fixed-rate mortgages averaged 2.96%
- Last year at this time, 15-year fixed-rate mortgages averaged 2.93%
Damn what a drop! Check out the chart from Freddie Mac:
Freddie Mac chief economist Sean Becketti said:
Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields as the 30-year mortgage rate fell 12 basis points to 3.59 percent. This rate marks a new low for 2016 and matches last year’s low in February 2015. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.
I certainly hope we do see a robust real estate market this year. I am apprehensive about this being an election year and not knowing what the next President may do regarding housing and the economy.
Bankrate on Mortgage Rates:
Bankrate.com reported that rates decreased for the 3rd consecutive week:
The average 30 year fixed rate mortgages decreased to 3.75% from 3.9%
The average 15 year fixed rate mortgages decreased to 3.01% from 3.13%
The average 30 year fixed rate jumbo mortgages decreased to 3.68% from 3.81%
The MBA on Mortgage Rates:
Completing a trifecta of awesomeness was the good news from the MBA:
The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances ($417,000 or less) was 3.86% for 80% loan-to-value ratio (LTV) loans. This is down from the 3.94% reported last week.
The average contract interest rate for 30 year fixed rate mortgages with jumbo loan balances (greater than $417,000) was 3.76% for 80% LTV loans. This is down from the 3.82% reported last week.
The average contract interest rate for 15 year fixed rate mortgages was 3.10% for 80% LTV loans. This is also down form the previous week!
The Take Away:
Wow this is certainly a boat load of good news. Before you get too excited, remember these are the average mortgage rates and may not reflect what is possible for you.
Still, it is quite possible you could get a super tasty low mortgage rate…
I would suggest that IF you are truly serious about buying a home, talk with a mortgage professional ASAP. Every day you wait is another day that the house of dreams COULD get snatched up by someone else…
If you are unsure about who to contact, shoot me a message via the Contact Page. Your information will be confidential and I won’t spam you to death later.
Or you can do a Google search or look in the Yellow Pages or ask your friends, family and co-workers who they suggest.
The main thing is that you take that first step…
I know it might be scary but it really isn’t a big deal or hard. The GOOD mortgage lenders will be helpful and will NOT be pushy.
Does pushy even work any more?
If being a pushy jerk does work, I am going to ask once again that you to subscribe to my blog…
The Fine Print: As always, I am providing this to you for informational purposes only! I am a REALTOR and blogger in Anderson SC and not a mortgage lender. You should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products. My suggestion is that ALL serious legitimate buyers take the first step and talk with a mortgage professional.