Watching Mortgage Rates Closely
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 29:
- 30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.7 point, dropping from last week’s 4.58 percent average. Last year at this time, 30-year rates averaged 3.59 percent.
- 15-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.7 point, dropping from last week’s 3.60 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.24 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.
- 1-year ARMs: averaged 2.64 percent, with an average 0.4 point, dropping from last week’s 2.67 percent average. A year ago, 1-year ARMs averaged 2.63 percent.
Because interest rates can be very important to your financial wellbeing, it is prudent to keep a close eye on them. If you ever have a question about interest rates — or any home buying or selling concern — contact us at the Zwahlen Team. Mortgage rates are inching lower and now is the time to act.