Mortgage Rates Continue To Fall
Freddie Mac’s March 26th report on the national averages for mortgage rates brought welcome news for those hoping to buy a home in the coming weeks. For the second week in a row, mortgage rates dropped. This kept the rates on a 30-year fixed-rate mortgage under 4 percent, and dropped the rates for a 15-year fixed-rate mortgage to below 3 percent.
Spring and summer have always been a hot time for homebuyers, but these low mortgage rates will welcome even more buyers to the market, boosting sales overall. This news is also welcome news for people hoping to sell their home, as it will put more buyers in a position to purchase a home.
For more details, here is a quick overview:
- 30-Year Fixed-Rate: These mortgages averaged 3.69 percent, down from 3.78 percent the previous week. This is a significant drop from the 4.4 rate we saw at this time last year.
- 15-Year Fixed-Rate: While one year ago these mortgages averaged 3.42 percent, Freddie Mac reports that their current average rate is just 2.97 percent. Last week, the average was 3.06 percent.
This report reveals that now is the time for homebuyers to capitalize on these historically low interest rates while they are on the downswing. It is only a matter of time before interest rates will begin to hike back up, so if you are thinking of buying a home, do not wait.
Are you taking advantage of the low mortgage rates to sell your existing home and get into your dream home, or to become a first-time homebuyer while the timing is right? To get professional guidance to your ideal home, contact the Zwahlen Team in Danville, California. We are here to advise you on the best time to buy or sell a home.