Interest Rates Hit New 12 Month Low!

According to Freddie Mac’s PrimaryMortgage Market Survey, interest rates for a 30-year fixedrate mortgage are currently at their lowest for 2019. Rates likethese haven’t been seen since February 2018!

Last week’s survey results reported an interest rate of4.35%. This is a welcome change from the near 5% rates seen inmid-November. At 4.32%, the second week of February 2018 was thelast time rates were this low. This can be seen in the chartbelow.

Freddie Mac’s Chief Economist, Sam Khater,had this to say:

“Mortgage rates fell for the third consecutive week,continuing the general downward trend that began late lastyear.

Wages are growing on par with home prices for the first timein years, and with more inventory available, spring home salesshould help the market begin to recover from the malaise of thelast few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local realestate professional who can help prepare you for today’smarket before rates increase!