According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!
As of March 14th, survey results reported an interest rate of 4.31%. This is a welcome change from the near 5% rates seen in mid-November. And this 30-year fixed mortgage rate is the lowest since February 2018. This can be seen in the chart below reflecting interest rates through February 2019.
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 last year.Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”
Bottom Line
If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!
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