Just when you thought the recession had kicked the housing markets butt. . . . . you get a glimmer of real estate hope! Mortgage rates are at a 3 Year LOW! For the second week in a row mortgage rates are at their lowest since May 2013! Want even more good news??? Not saying we can predict the future but we are certainly HOPING for this trend to continue. Check out the chart below from Realtor.com for more mortgage rates.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 16:
- 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.5 point, falling from last week’s 3.60 percent average. Last year at this time, 30-year rates averaged 4 percent.
- 15-year fixed-rate mortgages: averaged 2.81 percent, with an average 0.5 point, dropping from last week’s 2.87 percent average. A year ago, 15-year rates averaged 3.23 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.74 percent, with an average 0.5 point, down from last week’s 2.82 percent average. A year ago, 5-year ARMs averaged 3