Mortgage Rates Remain Low

Mortgage rates remain near record lows. Freddie Mac reported in its weekly mortgage market survey that rates remained mostly unchanged for this past week. With rates staying near the lowest point for the year it is an ideal time to refinance if you have a higher rate or consider selling your home and trading up to a larger one. Or maybe you want to downsize.

“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize,” says Sean Becketti, Freddie Mac’s chief economist. “As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59 percent. The release of March’s existing-home sales report, which shows monthly growth at 5.1 percent, suggests home buyers are taking advantage of low mortgage rates as the spring home-buying season gets underway.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 21:

30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.6 point, rising from last week’s 3.58 percent average. A year ago, 30-year rates averaged 3.65 percent.
15-year fixed-rate mortgages: averaged 2.85 percent, with an average 0.5 point, falling from last week’s 2.86 percent average. Last year at this time, 15-year rates averaged 2.92 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.81 percent, with an average 0.5 point, falling from last week’s 2.84 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac

Are you considering buying selling or buying a home in Naples? Or perhaps Bonita Springs? Let me be your guide.