It’s been a little while since we’ve discussed mortgage rates and that’s largely because they had remained relatively unchanged for some time. Well, that appears not to be the case anymore as rates have edged up more than we’ve seen in about a year. Now, keeping perspective rates are still VERY, VERY good and even as they climb should be historically quite good for some time to come by most predictions. However, as rates climb (and housing prices too) the purchasing power of buyers does gradually diminish. Anyone still on the fence of purchasing and in a position to comfortably do so is probably best served to act sooner than later to capitalize on today’s rates. Best guess by many is that rates should remain very attractive through this year but long term you can be assured rates will rise.
Speaking of those rates, last week’s official press release from Freddie Mac put the 30-year fixed-rate mortgage at an average of 3.81% with an average of 0.8 points. The week priors rates were at 3.59% and a year ago were at 3.75%. The 15-year fixed-rate product averaged 2.98% with an average of 0.7 poins, up from last week’s average of 2.77% and nearly identical to a year ago when it was at 2.97%.
Team Woodall continues to work with a range of lenders to meet all of our buyer needs and feels confident with the network of lenders we’ve established. To get more specific information contact us today and we’ll put you in touch with the right individuals to examine your needs.
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