Mortgage rates have fallen by over a full percentage point since the 4th quarter of 2018, settling at near historic lows. This is big news for buyers looking to get more for their money in the current housing market.
According to Freddie Mac’s Primary Mortgage Market Survey, “the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”
“Consumer sentiment remains buoyed by a strong labor market and low rates, ” notes Sam Khater, Chief Economist at Freddie Mac, and that is great news for homebuyers. As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.
In summary, even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, let’s get together to determine your best move.