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The Stabilization of Mortgage Rates in the Real Estate Market
For two months, mortgage rates have remained below 3%. According to Freddie Mac, it is unlikely they will continue to drop. Over the last couple of months, mortgage rates have flattened and the economic rebound has slowed down. This has caused the demand for available property to boom with first time homebuyers choosing to enter the real estate market. This is especially true in the more affordable Midwest, where prices are starting to increase at record rates. Below we have listed the current mortgage rates in comparison to last years’.
- 5-year hybrid adjustable-rate mortgages
- An average of 2.89%, far less than the average last year of 3.35%
- Average 0.2 point
- 15-year fixed rate mortgages:
- An average of 2.37%, far less from the average last year of 3.05%
- Average 0.7 point
- 30-year fixed rate mortgages:
- An average of 2.87%, far less than the average last year of 3.57%
- Average 0.8 point
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