Average US Rate on 30-Year Mortgage Drops

According to The Seattle Times, the average long-term U.S. mortgage rates declined this week following the Federal Reserve's decision to keep interest rates at record lows–for now.

Mortgage giant Freddie Mac said Thursday that the average rate on a 30-year fixed-rate mortgage fell to 3.86 percent from 3.91 percent the previous week. The rate on a 15-year mortgage fell to 3.08 percent, being 3.11 percent the week before.

Rates have stayed below 4 percent for nine straight weeks. This is great news for anyone who is thinking about making their next home purchase. The window for low rates has been extending but won't last forever, so if you're ready to make the jump, now is the time.

The Seattle Times continued to report that "Fed policy makers announced last Thursday they had decided to keep a key short-term interest rate close to zero in the face of threats from a weak global economy, persistently low inflation and unstable financial markets.

Rates may still creep higher before the end of the year and into next year, so if you're ready to make a decision soon, give me a call!

Read more from The Seattle Times.

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Posted on September 24, 2015 at 3:59 pm
Steve Harwood | Category: Home Buying, Housing Market Statistics | Tagged , , , , ,

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