Home buyers are having a good time right now because not only are we in a buyer’s market, rates are down too to their lowest point in a year!
Mortgage rates have came down and are currently well below year ago levels.
Sam Khater, Freddie Mac’s chief economist explains on the FreddieMac website, “Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve. While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.”
Freddie Mac reported the following national averages with mortgage rates for the week ending May 16:
– 30-year fixed-rate mortgages averaged 4.07 percent, with an average 0.5 point, dropping from last week’s 4.10 percent average. A year ago, 30-year rates averaged 4.61 percent.
– 15-year fixed-rate mortgages averaged 3.53 percent, with an average 0.4 point, falling from last week’s 3.57 percent average. A year ago, 15-year rates averaged 4.08 percent.
– 5-year adjustable-rate mortgages averaged 3.66 percent, with an average 0.4 point, rising from last week’s 3.63 percent average. Last year at this time, 5-year ARMs averaged 3.82 percent.
Bradstreet Smith with HomeServices Lending says: “Global financial markets underwent a volatile shift last week. When money is flowing out of stocks and into bonds (as it was on Thursday) rates move lower. Right now we are close to the lowest point in over a year.”
Are you thinking of buying? This could be the time! Give us a call for more information at (949) 395-0960.
About Jaleesa Peluso, Laguna Beach Realtor & Certified International Property Specialist
Jaleesa and her team specialize in representing local as well as foreign buyers and sellers of Orange County real estate. Are you considering leasing, buying or selling your Orange County home? Call us now at (949)395-0960!