30-Year Rates Drop to Near 5%

The interest rate continues to decline, which is good news for all home owners. With buy downs, the interest rate can be locked in below 5.0%. Call me at 812-499-9234 for up to date rate information. If your current interest rate is above 6.0% it may be to your advantage to re-finance your mortgage.



30-Year Rates Drop to Near 5%

Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week's 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
15-year mortgage rates: averaged 4.68 percent, down from last week's 4.81 percent. Last year at this time: 5.64 percent.
5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week's 5.23 percent. Last year at this time: 5.37 percent
1-year ARMs: averaged 4.8 percent, down from last week's 4.94 percent. Last year at this time: 4.98 percent