INTEREST RATES HIT NEW 12 MONTH LOW!

February 28, 2019

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According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!

Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart included.

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

BOTTOM LINE:

If you plan on selling or buying a home this spring, please feel free to contact me here or at 917.254.2103. I can help you prepare for today’s market before rates increase and reduce the buyer demand for your home when you sell and make mortgages more expensive when you buy.

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