This past week, the 30-year mortgage rates fell to 3.43 percent, according to an article by the Associated Press. They continue to reach historically low levels. Low mortgage like this give home buyers more buying power. Many first time buyers have opportunities to buy because of these low rates.
Freddie Mac said yesterday that mortgage rates fell, from 3.45 percent. It’s even down from last year. A year ago, the average rate was 3.93 percent. However, the average mortgage rate is not at a historic low. It is close. The historic low occurred in November 2012.
The 15-year mortgage rate also fell last week. It went from 2.76 last week to 2.74.
Overall, these low mortgage rates mean the housing market will be busy.
“We expect homebuyers will benefit from improving job and wage growth, more favorable lending standards, and continued low mortgage rates through the rest of the year, with the 30-year fixed-rate mortgage rate projected to average 3.4% during the fourth quarter,” Chief Economist of Fannie Mae Doug Duncan said in Fannie Mae’s August 2016 Economic and Housing Outlook, according to Nerd Wallet.
Data released on Monday showed that homebuilders feel optimistic. The National Association of Home Builders/Wells Fargo builder sentiment rose.
To figure average mortgage rates, Freddie Mac surveys lenders from across the country. Mortgage rates can indicate a lot about the real estate market. If you are considering buying, selling, or both, mortgage rates matter.
Right now, since mortgage rates fell, it is a great time to buy. If you have been eyeing in a home in Miami but worried about finances, now could be the best time. Our expert agents at RE/MAX Paradise can also help you configure financing. Our homes are beautiful and we have listings all over Miami, so please contact us today!