Mortgage Rates trending Lower

Freddie Mac’s PMMS (Prime Mortgage Market Survey) was released this morning showing that mortgage rates have been trending lower.

Please remember, the rates posted above from the PMMS are based on a survey from LAST WEEK… so these interest rates are expired and really just show where interest rates are trending. Please contact me for current mortgage rates for your personal scenario.

From Freddie Mac’s Chief Economist, Sam Khater:

“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market”.

The Mortgage Bankers Association released their Mortgage Application data for last week showing that applications for mortgages (purchases and refinances) has continued to increase week over week.

As I mentioned in a couple of my recent posts, if you’re even toying with the idea of buying a home or refinancing, please start the preapproval process as soon as possible. It’s okay if you’re a year or more out from making a move – the earlier you start, the more time you’ll have to make improvements to your financial scenario. This is especially important since debt-to-income ratios will soon be a factor in what your interest rate may be. And if your “perfect home” is finally listed, you will be ready to make a competitive offer as inventory is still very low.

As always, I’m happy to help you with your mortgage needs whether you are buying or refinancing your dream home, second home, investment property, reconstructing debt or remodeling. 🙂

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