For the First Time in Weeks, Rates Move Lower
On the heels of last week’s decision by the Fed to keep rates unchanged, mortgage rates dropped slightly this week, after four straight weeks of increases.
“The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 24:
- 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, dropping from last week’s 3.73 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
- 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 2.99 percent average. A year ago, 15-year rates averaged 2.97 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.5 point, dropping from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.92 percent.
Source: Freddie Mac
When rates are lower, home buyers can purchase more house; it great news for sellers because YOUR potential buyers can make a better offer!
If you are thinking about buying, contact your local Realtor and start defining what you really want. If you are thinking about selling your house, be sure to interview realtors and select the one who will work for you! It’s my goal to help you ‘Love where you Live’ and negotiate the best deal for you, whether buying or selling. If you don’t have a Realtor, I would be happy to connect you with a Realtor in your area to assist you. I am in Ft. Lauderdale, FL — and look forward to serving you. Connect with me at Debbie@DebbieWysocki.comwww.ISellBeachHouses.com
Source: DAILY REAL ESTATE NEWS | FRIDAY, MARCH 25, 2016