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Interest Rates for 30-Year Mortgage Back in 3% Territory

Hope you’re having a great Friday.  If you haven’t been keeping up with rates and programs, don’t worry.  At Arbitrage, we’ve got our finger on the pulse for you.

For the first time since January 2018, the 30-year fixed-rate 
mortgage has dropped below 4%.

Here’s what Freddie Mac’s chief economist, Sam Khater, (basically the “big chief”) had to say earlier:  

“While economic data points to continued strength, financial sentiment is weakening with the spread between the 10-year and the 3-month Treasury bill narrowing as fears of the impact of the trade war with China grow.  Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing- and new-home sales picking up recently.”

I wanted to also show you what Freddie Mac reports for the following national mortgage rate averages for this past week:

  • 30-year fixed-rate mortgages: averaged 3.99%, with an average 0.5 point, dropping from last week’s 4.06% average. Last year at this time, 30-year rates averaged 4.56%.  That’s over a 1/2 point drop!
  • 15-year fixed-rate mortgages: averaged 3.46%, with an average 0.5 point, dropping from last week’s 3.51% average. A year ago, 15-year rates averaged 4.06%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.60%, with an average 0.4 point, falling from last week’s 3.68% average. A year ago, 5-year ARMs averaged 3.80%.   Don’t do these too often, but thought you’d be interested.

If you have any other questions, or interested about other programs we can get you connected with, you know where to reach me!

Have a great weekend.

; )