Freddie Mac just announced that mortgage rates are drifting LOWER!!! Of the lenders it surveys, the Freddie Mac report released today indicates that the rate for a 30-year, fixed rate mortgage was averaging 4.71% as compared with 4.78% just one week ago.
Rates for 15-year loans dipped from an average of 3.89% to 3.97%. According to Freddie Mac, these 15-year loans are popular for refinance.
Of course, these buyers must be well-qualified with a solid credit score and are putting at least 20% down.
Perso
nally I think this is excellent news and should continue to reinforce consumer confidence in the market.
Rates are low and prices are low. What a great combination!! The savvy buyer will surely be taking advantage of these opportunities. As a savvy agent what can you do TODAY to put this information to use for yo
u and your clients? If you have buyers who have been on the fence waiting for a sign - CALL THEM. If you have been looking for an excuse to call through your database, now you have great information to share.
What are you waiting for?
Cyndi
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