There is still time…Haven’t found your house yet, or begun to look. You have some time. There has been a steady increase in interest rates throughout the year. However, you’re in luck. There seems to be a step back and rates have declined slightly. For some, this makes a big difference with your purchase power. It is a great time to talk with your lender if you have already applied for a loan to see when is the best time for you to lock in your rate. If you haven’t gotten that far yet, or would like to know more about the process, call me at 732-995-5609 to discuss further.
Here is a snapshot from Realtor Magazine and what Sam Khater, Freddie Mac’s Chief Economist has to Say.
December 7, 2018
© REALTOR® Magazine
Home buyers may be finding a window of opportunity to lock in lower rates. Mortgage rates fell this week, after several weeks of moderating, Freddie Mac reports.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” says Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising home prices.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 6:
- 30-year fixed-rate mortgages: averaged 4.75 percent, with an average 0.5 point, down from last week’s 4.81 percent average. Last year at his time, 30-year rates averaged 3.94 percent.
- 15-year fixed-rate mortgages: averaged 4.21 percent, with an average 0.4 point, falling from last week’s 4.25 percent average. A year ago, 15-year rates averaged 3.36 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 4.07 percent, with an average 0.3 point, a decrease from last week’s 4.12 percent average. A year ago, 5-year ARMs averaged 3.36 percent.
Source: Freddie Mac