Mortgage rates up slightly, continue providing high affordability – North of Montana Real Estate
Many more buyers of Brentwood homes for sale can make the investment more affordable, as mortgage rates remain near all-time lows set last week.
The most recent Primary Mortgage Market Survey from Freddie Mac reveals the average rate for 30-year fixed-rate mortgages was 3.39 percent, up from the previous week’s average of 3.36 percent, the lowest level in survey history. Despite the slight increase, the rate remains significantly lower than this time last year when it was 4.12 percent.
Additional information shows the the average rate for 15-year FRMs was higher than the previous week, reaching 2.7 percent. A year ago, the average was 3.37 percent, so those looking to save more on interest are still offered high affordability.
Vice president and chief economist of Freddie Mac, Frank Nothaft credits varying economic factors for the unexpected drop in rates throughout recent weeks, however the overall economy will continue to rely on slow and steady improvement of the housing industry.
Some potential buyers may be reluctant to become homeowners, as prices continue to rise, however, low mortgage rates can offset these healthy increases.