Real estate news

Mortgage rates settle near historic lows as the purchase market begins to pick up

With rates currently at historic lows, more buyers are taking the opportunity to purchase their dream home. Learn more about why this may be the best time to buy a new home in this recent article by Kathy Orton for The Washington Post.

Mortgage rates have held steady for the past three weeks, a remarkably calm period after early spring’s wild swings

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average crept up to 3.28 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.26 percent a week ago and 4.07 percent a year ago.

Freddie Mac, the federally chartered mortgage investor, aggregates rates from 125 lenders across the country to come up with national average mortgage rates. It uses rates for borrowers with flawless credit scores. These rates are not available to every borrower.

The 15-year fixed-rate average slipped to 2.72 percent with an average 0.7 point. It was 2.73 percent a week ago and 3.53 percent a year ago. The five-year adjustable rate average ticked up to 3.18 percent with an average 0.3 point. It was 3.17 percent a week ago and 3.66 percent a year ago.

Continue reading the full article here.

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