Freddie Mac’s PMMS (Prime Market Mortgage Survey) this week headlines “Mortgage Rates Tumble Below 4 Percent“. This is great news for home owners who have been waiting to refinance.
According to the PMMS:
“The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November. Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower.”
It’s important to note the the PMMS is based on average rates from last week.
If you want to take advantage of the lowest rates in five months, you need to start an application and be ready to lock your rate in. I am happy to help you if your home is located anywhere in Washington state, where I’m licensed.