As of yesterday, July 20, 2017 the mortgage rates for home financing in the United States have decreased.This is the first week in July with lowered numbers after two straight weeks of increases. The benchmark 30-year rate slipped back below the significant 4 percent level.
Mortgage buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate mortgage dropped to an average 3.96 percent from 4.03 percent last week. Mortgage rates were at 3.45 percent a year ago and averaged a record low 3.65 percent in 2016.
The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, eased to 3.23 percent from 3.29 percent last week.
Mortgage rates still remain historically low even though the Federal Reserve has begun to ratchet up short-term interest rates.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage rose to 0.6 point from 0.5 point last week. The fee on 15-year loans was unchanged at 0.5 point.
If you are in the market to purchase a home, the answer is yes, it is a great time to buy, with the mortgage rates holding steady at or near the 4% rate.
Call Susan J Penn, PA EWM Realtor to help you with your South Florida real estate needs at 954-557-5993.
Source: Freddie Mac