Low Mortgage Rates Are Lingering
The average percentage rates for fixed-rate mortgages inched up slightly this week, but continue to hover near yearly lows.
Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 11:
- 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.5 point, up slightly from last week’s 4.10 percent average. Last year at this time, 30-year fixed-rate mortgages averaged 4.57 percent.
- 15-year fixed-rate mortgages: averaged 3.26 percent, with an average 0.5, rising from last week’s 3.24 percent average. A year ago, 15-year fixed-rate mortgages averaged 3.59 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, rising from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.22 percent.
1-year ARMs: averaged 2.45 percent, with an average 0.4 point, rising from last week’s 2.40 percent average. A year ago, 1-year ARMs averaged 2.67 percent.
My 2 cents – Talk around the water cooler is interest rates will rise since the market has recovered. So if you’re thinking about investing in real estate – the Spring/Summer rush has cooled and Autumn is a great time to find investments with not as much competition. If a property is for sale over the holidays it needs to sell – and we’ve assisted several clients buy homes during the off season for a great price compared to earlier this year.
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