Mortgage rates have bounced back slightly this week after a four week downward trend. The Federal Open Market Committee announced another cut in the target federal funds rate by half of a percentage point in their most recent scheduled meeting. This came on the heels of the Fed's rate cut of three-quarters of a percentage point the previous week. The movement in fixed mortgage rates was broadly consistent with the movements of Treasury bonds over the week. According to Freddie Mac's Weekly Primary Mortgage Market Survey, rates are as follows:
30-yr Fixed Rate Mortgage: 5.68% with fees & points averaging at 0.4
15-yr Fixed Rate Mortgage 5.17% with fees & points averaging at 0.4
5/1-yr Adjustable Rate Mortgage 5.32% with fees & points averaging at 0.4
1-yr Adjustable Rate Mortgage 5.05% with fees & points averaging at 0.7
Last year at this time, the 30-year FRM averaged 6.34 percent to give you an idea of how rates have changed over the past year.
If you are in the market to purchase a home, please contact
Mike & Melody Vanderhoff with
Vanderhoff Real Estate today. We can assist you with your real estate questions and set you up with a custom property search to help you find the home that fits your needs. Rates are low, and the market has a high inventory of homes available. It's a great time to buy your next home! Contact us today at 770-888-9269 or info@VanderhoffRealEstate.com to get started.
