The average rates for a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage and an adjustable-rate mortgage with a 10-year initial period all decreased this past week.
The average rate for a 30-year fixed-rate mortgage decreased to 3.04 percent, from last week’s 3.14 percent. This marks the lowest rate since Freddie Mac began tracking this data in 1971. The 15-year fixed-rate mortgage decreased to 2.51 percent compared to last week’s 2.59 percent. And the average rate for an adjustable-rate mortgage with an initial 10-year period decreased to 3.00 percent, from last week’s 3.02 percent.
This is great news for potential home buyers as it allows them to secure low interest rates. Low mortgage rates will not only allow potential buyers to buy more house for their money but also will save them money over the life of the loan. However, potential home buyers should take caution when shopping for a mortgage. Make sure to compare all offers before making a decision. Also, contact a realtor to make sure you are getting the best deal.
Mortgage rates have been declining steadily for the past several weeks, due to various economic uncertainties such as the Coronavirus pandemic, which has caused a slowdown in the global economy. This week, mortgage rates saw their largest drop from one week to the next since Freddie Mac began tracking rates in 1971.
The trend of decreasing mortgage rates may continue due to various economic issues, such as high unemployment and an uncertain economic outlook. However, it is important to keep in mind that mortgage rates fluctuate frequently, so it is important to lock in a rate as soon as possible if you are considering refinancing or buying a home.
In conclusion, mortgage rates are currently at an all-time low, making now an ideal time for potential homebuyers to consider making a purchase. With rates continuing to decline, it is important to compare all offers available and lock in a rate as soon as possible. It is generally recommended to work with a real estate agent to find the best deals and make sure you are getting the most for your money. While there is no guarantee that mortgage rates will stay low, now is still a very good time to purchase a house as rates are likely to remain low for the foreseeable future.
This article was contributed on Dec 25, 2023
