Freddie Mac’s primary mortgage market survey shows that the weekly average for the 30-year fixed mortgage rate, after being flat for three straight weeks, inched up to 3.56%.
The average 30-year rate during the week ending Feb. 21 was up three basis points from the previous week. The 15-year fixed mortgage rate remained unchanged at 2.77%.
Also during the most recent week, the average rate for a five-year Treasury-indexed hybrid mortgage remained stable at 2.64% and the average rate for a one-year Treasury-indexed adjustable-rate mortgage rose by four basis points to 2.65%.
Average points during the week ending Feb. 21 were as follows: 0.8 of a point for 30-year fixed-rate mortgages and 15-year FRMs, 0.5 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.
A year ago, the average weekly 30-year rate was 3.95%, the average weekly 15-year rate was 3.19%, the average weekly five-year Treasury hybrid rate was 2.8% and the average one-year Treasury ARM rate was 2.73%.
What does all this mean? The market seems to be finally stabilizing. Foreclosures are at their lowest level in years, although we are still seeing a significant number of short sales. Now is the time to refinance and to purchase that new home while rates and home prices are still affordable.
I hope this information is useful.
Should you need assistance with any of your real estate needs, please contact Supreme Manor Real Estate Services 773-881-9224.
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
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