By Jim Donovan: Some good news to report for potential home buyers or those looking to refinance. For the fifth straight week mortgage rates have fallen.
Mortgage company Freddie Mac said today that the nationwide average for a 30-year loan declined to 3.92 percent from 3.97 percent last week — the lowest level since June 2013. It stood at 4.53 percent back in January. The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.08 percent from 3.18 percent.
Before last week, many bankers, lenders and borrowers had assumed that mortgage rates would soon start rising closer to a two-decade average of 6 percent. That was based on expectations that the Federal Reserve would start raising its key short-term rate next year — a move that likely would lead to higher mortgage rates.
For more information visit: http://www.freddiemac.com/