WASHINGTON (AP) – Sept. 29, 2016 – Long-term U.S. mortgage rates slipped this week to the lowest level since mid-July.
Mortgage giant Freddie Mac says the average for a 30-year fixed-rate mortgage dropped to 3.42 percent, down from 3.48 percent last week. The benchmark rate is down from 3.85 percent a year ago and is close to its all-time low of 3.31 percent in November 2012. The 15-year fixed-rate mortgage, popular with homeowners who are refinancing, slipped to 2.72 percent from 2.76 percent.
The rates tumbled after the Federal Reserve decided against raising short-term rates at its meeting last week.
Rates on five-year adjustable mortgages, though, ticked up to 2.81 percent from 2.80 percent.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage fell to 0.5 point this week from 0.6 point last week. The fee for a 15-year loan was unchanged at 0.5 point. The five-year adjustable rate loans slipped to 0.4 point from 0.5 last week.
Low mortgage rates have combined with an improved job market to bolster demand from possible buyers. But drastically fewer sellers are coming into the market. The number of properties for sale is dwindling despite buyer enthusiasm. That is pushing prices higher but hobbling home sales.
Author:Deleted Leads Phone: 561-123-1234 Dated: October 1st 2016 Views: 84 About Deleted: ...
View our latest blog posts in your RSS reader. Click here to access.
We are a full service real estate brokerage with over 100 agents to serve you. Let us be your real estate resource. Regardless whether you need to buy or sell now, or sometime in the future, let us help you. We are no pressure and will always try and help. Contact us at 561-701-8124 now.
GREAT INVESTMENT PROPERTY IN THE GRAND VIEW HEIGHTS H
"When I sold my home I interviewed many Companies. Knowing most buyers come from the internet I was looking for a Company with a strong internet presence. I googled some terms like, "Lake Worth Homes For Sale" and "homes for sale in Lake Worth", and almost every time Exit Realty Premier was on the first page of Google. Then when I met with the agent from Exit Realty Premier and saw the HD photographs, aerial photos, on line visual tours and videos and all the technology I was sold. I signed with them and sold my home in record time, for the price I wanted and had a smooth quick closing. My agent was very professional and knowledgeable and kept me informed every step of the way.