Freddie Mac’s Prime Mortgage Market Survey reveals mortgage rates are at very low levels.
The low rates are due to the volatility taking place in the stock market. Sam Khater, Chief Economist states, “it will be interesting to see how the recent turmoil in the stock market will affect home buying activity in the coming months.”
It’s true that the only way to obtain a low mortgage rate is to be able to LOCK in an interest rate. This means you need to have a complete loan application submitted to a lender so they can obtain your credit report. If you are buying a home, then you will also need to have a mutually accepted purchase and sales agreement on your new property.
The PMMS is (basically) based on an average of conforming rates from last week. Mortgage rates change constantly, often reacting to the stock market, as rates are based on mortgage backed securities (bonds). If I can provide you with current rates based on your financial scenario for homes located anywhere in Washington state, please click here.
PS: I know with this being my first rate post of the year, I could have just as easily stated “highest rates of the year” 😉 In my opinion, anything under 6% for a 30 year fixed is historically low mortgage rate.
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