Homebuyers Take Advantage of Current Low Mortgage Rates
Over the past week, the average rate for a 30-year mortgage dropped 17 basis points and now measures 3.82 percent.
That number is the lowest 30-year rate since the third quarter of 2017. According to Freddie Mac’s latest Mortgage Market Survey data, it is “down over one full percentage point, or 23 percent, since the fourth quarter of last year.”
At the same time,
“The average rate for a 15-year fixed mortgage has dropped to 3.28 percent, which is 73 basis points below its mark at the same time last year while the average rate for a 5-year adjustable has dropped to 3.52 percent, which is 22 basis point below its mark at the same time last year,” per SocketSite. “The inverted spread between the 5 and 15 year rates has also increased to 24 bps.”
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However, the odds of the Federal Reserve increasing interest rates by the end of this year has now jumped to 98 percent, according to an analysis of the futures market, which doesn’t surprise those following the economic patterns.