Weaker than expected economic reports caused a slump in mortgage rates this week, according to the latest data released Thursday by Freddie Mac.<\/p>\n
The 30-year fixed-rate average dropped to 3.59 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.66 percent a week ago and 4.32 percent a year ago. Since December, the 30-year fixed rate has fallen 28 basis points to start the new year.<\/p>\n
The 30-year fixed rate, the most popular type of mortgage, hasn\u2019t been this favorable since May 23, 2013 when it was also 3.59 percent. The 15-year fixed-rate average fell to 2.92 percent with an average 0.6 point. It was 2.98 percent a week ago and 3.4 percent a year ago. It was the fourth week in a row the 15-year fixed rate has remained below 3 percent.<\/p>\n
Many economists believe that the Federal Reserve is seeking to raise federal funds rates this year which will result in an increase in mortgage rates.<\/p>\n
How much are we talking here?<\/strong> Just to give you an example, even a one point increase in the interest rate from 3.60 percent to 4.60 percent on a 30 year $200,000 loan equals an increase of $116<\/strong> per monthly payment. That\u2019s almost $1,400 per year<\/strong>. I\u2019m sure you could find better things to do with the extra money in your pocket.<\/p>\n If you are thinking of buying this year, don\u2019t wait another minute, call me today.<\/p>\n","protected":false},"excerpt":{"rendered":" Weaker than expected economic reports caused a slump in mortgage rates this week, according to the latest data released Thursday by Freddie Mac. The 30-year fixed-rate average dropped to 3.59 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.66 percent … Continue reading Now is the Time to Buy<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[1],"tags":[21],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/posts\/645"}],"collection":[{"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=645"}],"version-history":[{"count":6,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/posts\/645\/revisions"}],"predecessor-version":[{"id":652,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=\/wp\/v2\/posts\/645\/revisions\/652"}],"wp:attachment":[{"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=645"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.homewithrob.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}