Mortgage Rates - "Mortgage rates fell for the third week in a row, with the average 30-year, fixed-rate loan going for 3.81 percent, down from 3.92 percent last week.. ..."
Mortgage Rates:
Low Rates Are Likely Here For The Near-Term
30-Year Fixed home loan rates are near current lows and expected to remain there for the near future. Source: Freddie Mac
In Spite Of Fed Rate Hikes, Turmoil In World Markets Keeps Interest Rates Low
There was some worry that the recent rise in interest rates put in place by the Federal Reserve last month was a precursor to higher home loan rates. This may be true in the longer run, especially if the Fed continues with incremental rate increases, but, for now, home interest rates are still historically low. If they're not actually declining, at least they're steady. Last week the average 30-year fixed-rate mortgage fell to as low as 3.81 percent. The 30 Year Fixed Rate Today is back up to 3.84 ... but that's not a big climb.
So ... what's the deal? And, more importantly, what does it mean to the consumer?
Amid current world-stock market troubles, price-war induced low oil prices, and economic chaos going on in China, most indicators show that Mortgage Home Loan Rates should remain low for the immediate future and may even get a bit cheaper in the near-term!
Here's a recent post on the Redfin blog by Senior Analyst Lorraine Woellert. It contains the info you need to know from the latest survey of rates by Freddie Mac.
"That’s (3.81 percent) the lowest they’ve been since October, according to Freddie Mac, which surveys lenders every week. And given all that’s going on in the world–stock market woes, falling oil prices, and economic unease in China–it’s a decent bet home loans will get even cheaper, at least in the near term."
What do low rates for home loans mean to you? Well, considering what the exact expectations are here, if you're someone considering buying a home in 2016, now could be the right time to begin the process. The fact is, when financial markets are in turmoil elsewhere ... as in China, for instance ... and things are fairly stable here at home, it becomes less expensive for the U.S. to borrow money. That sort of action / reaction is usually transferred to the home loan market in just a short amount of time. That means we will probably see prices dip a bit further for a short period of time before they start to rise again. At any rate, they should hover near where they are for a while.
When considering whether the time is right to enter or move up in the real estate market, there are many factors to consider. But if we're speaking simply about home loan rates, then all the factors we've discussed above provide the prospective buyer with a time window in which to initiate the approval, shopping, and closing process that allows them to take advantage of the current low rates. So, if you're considering taking the plunge this year, as far as home interest rates are concerned, now is a great time to start the process.
In the meantime, whenever you want to check the average current rate on a home loan, you can do that by visiting us right here at BrionCosta.com. There's a great little widget right there in the sidebar to your right that provides that very information, plus a ton more. It's updated daily, and you're welcome to come here and use it any time you like!
Mortgage Rates.
