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Mortgage rates are going further and further down and if you’re a real estate agent, you may be in luck as the reduction in mortgage rates may mean more people will be buying homes.
This week, a 30-year fixed loan is at 3.69 percent. This is a decrease from last week’s 3.7 percent. The 15-year fixed mortgage rate is going down as well. Last week, it was at 3.06 percent but currently, it is at 2.97 percent with an average 0.6 point. And believe it or not, last year’s 30-year fixed mortgage rate was at about 4.4 percent. Suffice it to say, it seems as though mortgage rates are on a continuous downward spiral.
These figures can be found in a weekly survey that Freddie Mac provides to lenders across the nation. The survey calculates rates, points, and fees for “the most popular products,” according to Freddie Mac. The results are shown publically every Thursday morning at 10 a.m.
Regarding housing, affordability is understandably a huge factor when it comes to someone’s decision to purchase a home. And with the reduction in mortgage rates, this can bode well for buyers and sellers.“…low mortgage rates are a welcome sign for those in the market looking to buy a home this spring season,” says Len Kiefer, deputy chief economist of Freddie Mac. If you’re a real estate agent who is beyond irked with foreclosures and stark rates of homes to sell, these decreases in mortgage rates can certainly be good news for you. As the job market picks up, homes will likely be selling at an even higher rate.
Mortgage applications and applications to refinance loans are also on the rise. According to CNBC, the number of mortgage applications last week rose to the highest it has been since January. And applications to refinance loans have increased by a hefty 35 percent since last year.