Everyone needs Good News now and then, don't you think? Well, for Home Buyers, as we move into June 2019, mortgage rates, already closer to historic lows than historic highs, have dropped again to a 16 month low! Mortgage rates nosed below 4%! Also, the Federal Reserve has been sending out hints that there will be no more interest rate hikes in 2019.
If a Buyer has been thinking of make a move to buy a home this is welcome news. Locking in a lower rate for 30 years increases buying power.
30 Year Fixed-Rate Mortgaes down to 3.99%
Andrea Riquer of Realtor.comm, Marketwatch reported on May 30, 2019 that, "The 30-year fixed-rate mortgage averaged 3.99% in the May 30 week, down from 4.06%, Freddie Mac said Thursday. That marked a 16-month low for the popular product, which has eked out a weekly rise only six times so far in 2019. The 15-year fixed-rate mortgage averaged 3.46%, down from 3.51%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.60%, down 8 basis points."
Mortgage Rates Drop to 16 Month Low increasing buying power
Fixed-rate mortgages follow the benchmark U.S. 10-year Treasury note, although they move with a bit of a lag. Investors have been piling into bonds over the past week, betting on a more dovish stance from the Federal Reserve. After the release of the central bank’s statements, bond prices jumped, pushing yields down sharply. Freddie’s weekly mortgage survey captures activity through Tuesday, so the big bond market moves of this week will likely be reflected in mortgage rates next week."
Lower Rates a Boon for Strong Summer Housing Market
We are approaching the traditional strong home buying period when families move after the school year with homes of getting kids started for school in the Fall in new homes.
Lower Mortgage Rates Mean More Home Buying Power
Jeff Masich, REALTOR® Scottsdale Arizona overlooking Camelback Mountain says "Lower rates mean more 'Buying Power' and may mean now is the time to Buy a home"
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