Here’s some really great news for anyone who’s in the home buying market: According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year, fixed-rate mortgage are currently at their lowest since February 2018!
Last week’s survey results reported an interest rate of 4.35 percent. That’s a welcome change from the almost 5 percent rates that we saw in mid-November. At 4.32 percent, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.
Freddie Mac’s Chief Economist, Sam Khater, had this to say:
“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year. Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”
If you plan on buying a home this spring and don’t have a local real estate professional who can help prepare you for today’s market before rates increase, give us a call or email us below. We’d love to help you.