According to Freddie Mac, average mortgage interest rates dropped again to fresh historic lows. The housing market continues to be a bright spot in an otherwise sluggish economy. Mortgage refinance applications are up during the recent period and home sales continue to show strength with no signs of slowing into the new year. For the most recent week, Freddie Mac reports average mortgage rates on a 30 year fixed rate mortgage at 2.67% with .7% in points/fees, down from 2.71% a week earlier. Average interest rates on 15 year fixed rate mortgages are also down coming in at 2.21% compared to 2.26% last week.
The net result from these lower rates is two-fold – owners of homes who purchased or refinanced more than 6 months ago are able to lock in additional savings, and those looking to purchase a new home have increased buying power in the market.
If you or anyone you know are considering buying, selling or refinancing a home, please consider me your resource in the market! You can schedule a call or reach out immediately at 760-566-8829.
