The 30-year FRM inched a mere .01 percentage points higher this week to wind up at 3.65%, while the 15-year version fell .02 percentage points to 3.14%. U.S. long-term rates on mortgages held steady this week, supplying a potential boon to home-buyers amid an uncertain economic outlook.
Long-Term Rates On Mortgages Hold Steady
Mortgage rates are actually running near historic lows, though average rates for the key 30-year loan showed volatile swings last month.
Mortgage buyer Freddie Mac says the typical rate on the 30-year, fixed-rate mortgage edged up to 3.65% from 3.64% last week. In comparison, the average rate stood at 4.71% a year ago.
The average rate for 15-year, fixed-rate home loans slipped this week to 3.14% from 3.16% last week.
So with that said, you can see why now is an unbelievable time to purchase your new home. As mortgage rates remain low, it allows you to be qualified for a higher amount. Every time the interest rates changes it will effect your purchasing power. If rates go up, your purchase amount will go down and if rates go down your purchase amount will go up. Hope that makes sense.
Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.
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(all data current as of 10/21/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.