Mortgage Rates are the lowest they’ve been in over 1 year. Data released by Freddie Mac last Thursday indicates that the 30-year fixed rate average decreased to just under 4%. For the past year, it’s been above 4 %. This is the first time since January of last year that the 30-year fixed rate moved below 4%. The 15-year fixed rate average also fell with it being 3.46% while it was above 4% one year ago. You can save a good amount on your mortgage payment. The lower mortgage rates are also great for current homeowners looking to refinance. If you’re looking to buy a new home, now is the time.
There are several factors that could be impacting the drop in mortgage rates including are anxious investors concerned about the continuing irresolution of the U.S.-China trade disputes, Brexit or European economic growth in general, and a potential recession may be near. Contact us for a FREE consultation and we can set you up with a mortgage lender to see what you can get pre-approved for!
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