Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Mortgage Rates Edge Up, Still Near Record Lows

Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.

Home buyers are seeing how record-low rates can significantly decrease their borrowing costs. Compared to a year earlier, mortgage rates have dropped more than 70 basis points. That has brought monthly payments on a $400,000 loan down by nearly $160, according to the National Association of REALTORS®. “With these ultra-low mortgage rates, home buying activity is expected to remain strong in the fall,” NAR reports.

Freddie Mac reports the following national averages for the week ending Sept. 24:

*30-year fixed-rate mortgages: Averaged 2.90%, with an average 0.8 point, rising from last week’s 2.87% average. A year ago, these rates averaged 3.64%.

*15-year fixed-rate mortgages: Averaged 2.40%, with an average 0.7 point, increasing from last week’s 2.35% average. A year ago, they averaged 3.16%.

Source: Freddie Mac

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