Freddie Mac’s survey of what mortgage lenders reported for conforming rates last week revealed that mortgage interest rates trended lower. You can see based on the chart below that rates have been bouncing in a tight range, remaining below 4%.
From Freddie Mac’s Chief Economist, Len Kiefer:
“The average 30-year fixed mortgage rate fell to 3.69 percent this week following a decline in 10-year Treasury yields. Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability. Existing home sales in February increased slightly, but less than expected, to a seasonally adjusted annual rate of 4.88 million units. Meanwhile, new home sales outperformed expectations and surged 7.8 percent to an annual pace of 539,000 units.”
Non-conforming mortgages (aka jumbo’s) also currently have very low rates. Jumbo loans for a single family dwelling in King, Pierce or Snohomish counties are loan amounts of $517,501 and higher (per 2015 conforming loan limits).
Bottom line, mortgage rates are still at extremely low levels making it a good time to look at refinancing your existing mortgage or possibly buying a home, vacation home or investment property. If you are considering buying anywhere in Washington state, where I’m licensed, I am happy to help you! Click here for a mortgage rate quote.