Freddie Mac’s weekly PMMS report was released yesterday showing that rates continue to trend lower.
From Freddie Mac’s Chief Economist, SamKhater:
“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down. Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.”
This is great news for home buyers and homeowners who may need to restructure high interest debts or remodel their homes with a cash-out refinance.
It’s important to note that the PMMS report is based on an average of mortgage rates from the previous week – so this is old data. However, it is showing us how mortgage rates have been trending. For current mortgage rates based on your personal financial scenario, please click here.
As mortgage rates move lower, we will see more people jumping back into the market to buy their next home. If you have been considering buying a home, even if it’s 6 months to 12 months (or more) away, I highly recommend that you start the preapproval process now so that you’re in the best position to secure your offer.
Of course, I am more than happy to help you with your mortgage needs. You can schedule a quick call or a full consultation by clicking here.
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