Last September we were all concerned about the consequences of the first interest rate hike in years. The Fed was predicting 4 rate hikes in 2017 so we all had questions.... What would the hikes do to the refinance and purchase market? How high would the rates go? Well.......it's been 9 months and rates are still below 4%. The Fed just raised the interest rate this week so we'll probably see some slow movement up but....It's still a great time to finance your home. Take a look......
Home buyers may want to rush to lock in: The 30-year mortgage rate hit its lowest level in nearly seven months this week, Freddie Mac reports.
"The 10-year Treasury yield fell 3 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.
"Freddie Mac reports the following national averages with mortgage rates for the week ending June 8:
30-year fixed-rate mortgages averaged 3.89 percent, with an average 0.5 point, down from last week’s 3.94 percent average. Last year at this time, 30-year rates averaged 3.60 percent.
15-year fixed-rate mortgages averaged 3.16 percent, with an average 0.5 point, dropping from last week’s 3.19 percent average. A year ago, 15-year rates averaged 2.87 percent.
5-year hybrid adjustable-rate mortgages averaged 3.11 percent, with an average 0.5 point, holding the same average as last week. A year ago, 5-year ARMs averaged 2.82 percent