Good news for those who have been concerned about interest rate hikes. I pull rates every week for my newsletter and lately, rates have been lower than they were at this time last year. On March 20th, the Fed met to discuss future rate hikes and it appears that they may be putting off any increases in 2019. A 1/4 point can make all the difference to a buyer and as we know, every penny counts! With more inventory, less bidding wars and lower rates, this might be a great time to take the plunge!
Freddie Mac reports the following national averages with mortgage rates for the week ending March 21:
30-year fixed-rate mortgages: averaged 4.28 percent, with an average 0.4 point, falling from last week’s 4.31 percent average. Last year at this time, 30-year rates averaged 4.45 percent.
15-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.4 point, dropping from last week’s 3.76 percent average. A year ago, 15-year rates averaged 3.91 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.84 percent, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.68 percent
Source: Realtor Magazine