This morning Freddie Mac released the results of its weekly mortgage rate survey. After 4 straight weeks of increasing rates, this week both the 30-year and 15-year fix rates declined. The average 30-year fixed rate is now 3.59% (down from 3.66%) and the average 15-year fixed rate is now 2.86% (down from 2.89%).
As I mentioned in yesterday’s post, it takes five (5) increases (or decreases) in a row to meet the statistical definition of a “trend”, so potential home buyers can breathe a sigh of relief. We don’t have a trend of increasing home mortgage rates, at least not yet.
So the window of opportunity is still open to buy a home at historically-low mortgage rates. True, Fannie Mae recently tightened its eligibility criteria for HomePath® financing, but whether you pursue conventional financing or FHA financing, for those who qualify there still are great mortgage rates available. If you’re even thinking about applying for a home mortgage, there’s a lot of great information available online, but just be sure to use objective, independent sites such as http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx.
Leonard “Len” Dunikoski, SRES
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 cell