Mortgage Rates Hold Steady

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Mortgage rates were in a holding pattern this week, even after the Federal Reserve voted Wednesday to hike its benchmark interest rate.

“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The market had already priced in the rate hike, so long-term interest rates—including mortgage rates—hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed mortgage rate inching down 1 basis point to 3.93 percent in this week’s survey. Mortgage rates have been in a holding pattern for the fourth quarter, remaining within a 10 basis point range since October.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 14:
•30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.5 point, dropping from last week’s 3.94 percent average. Last year at this time, 30-year rates averaged 4.16 percent.
•15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, the same as last week. A year ago, 15-year rates averaged 3.37 percent.
•5-year hybrid adjustable rate mortgages: averaged 3.36 percent, with an average 0.3 point, rising from last week’s 3.35 percent average. A year ago, 5-year ARMs averaged 3.19 percent.

Source: Freddie Mac

MORTGAGE RATES HOLDING STEADY

The mortgage rates are holding steady near 3.75% in September. Mortgage rates for 30-year fixed mortgages fell almost imperceptibly this week. Need help deciding which loan program makes the most sense? Caliber Home Loans is on site at our office. There are some initial steps to take when deciding to get pre-approved to buy a home. After determining you qualify to purchase a home, you’ll need to submit a loan application with a lender. Upon submitting this information to your lender, give them at least 24 hours to thoroughly review all your financial documentation and complete financial package. After such time, the lender will produce a pre-approval letter for you to give to your real estate agent to make an offer to buy a home. Once you know how much a lender is willing to offer, you can shop within that price range. With the interest rates so low it’s a great time to buy a home! Contact the Muljat Group North Real Estate office – we would love to represent you in buying a home!