Mortgage Rates Dip from Last Week

As the economy strides steadily toward improvements, it is surprising to some that mortgage rates are still at record lows. The rates continue at historically low levels and that allows new buyers to lock in great rates and obtain better loan terms. Although the dip over the last week is not a dramatic reduction, it is an indication of a current trend in the market.

The mortgage rates saw a small dip when compared to the previous week. The average rates this past week were 3.54 and the rates the previous week were 3.57. Although that change seems small, it can have a dramatic impact on the monthly payments over the life of a 30-year loan and it is showing a continued downward trend in the housing market.

The mortgage rates are steadily decreasing, which is obvious when this year is compared to last year. The average of 3.54 is much lower than last year’s 3.98 interest rates. While it might seem surprising when compared to the stock market, housing is not always related to other investments.

The low cost rates are an opportunity to buy a home. To learn more about the trends and changes, contact The Zwahlen Team.