Mortgage Rates 2019

Mortgage rates have fallen more in this past week than they have dropped in more than a decade. According to Freddie Mac, the average 30-year fixed loan has dropped 22 basis points to 4.06%, while 15- year fixed loans are down 14 basis points to 3.57%. And while there has been a bit of a lull in the market since the beginning of the year, this change may turn that around. For those who have predicted a change in the market from a buyer’s market to a seller’s market, this may not be the case, at least in the near future.

 

Mortgage rates got up to 5.05% last October (2018), which was the highest level for a home loan since early 2011. Further, this drop means mortgage rates are down almost a full percentage point in just under 6 months. This drop comes as a result of the Federal Reserve’s most recent policy meeting. Out of 17 Federal officials that help set the interest-rate policy, 11 said they saw no need to raise rates this year.

 

So, if you’re looking to purchase or refinance a home, now is the time to act.  Rates are likely to stay at this rate at least until the end of the year. Don’t put off buying your dream home or cashing in on the equity on your home. You may get stuck with a higher rate if you do!