Interest Rates Hit New 12 Month Low!

According to Freddie Macs Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these havent been seen since February 2018!

Last weeks 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 below.

Freddie Macs 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 buying a home this spring, lets get together to prepare you to take advantage of todays market before rates increase!