Today's Mortgage Rates Are ‘Deal of the Century’ Stay Focused When Others Panic

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Real Estate Agent with Allison James Elite CA. BRE 01501699

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Mortgage rates for 30, 15, ARM. Full information at http://www.freddiemac.com/pmms/

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Borrowing costs continue to head lower, enticing home shoppers and refinancers to lock-in.

“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” says Sam Khater, Freddie Mac’s chief economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”

Freddie Mac reported the following national averages with mortgage rates for the week ending Feb. 27:

  • 30-year fixed-rate mortgages: averaged 3.45%, with an average 0.7 point, falling from last week’s 3.49% average. Last year at this time, 30-year rates averaged 4.35%.
  • 15-year fixed-rate mortgages: averaged 2.95%, with an average 0.8 point, falling from last week’s 2.99% average. A year ago, 15-year rates averaged 3.77%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.20%, with an average 0.2 point, falling from last week’s 3.25% average. A year ago, 5-year ARMs averaged 3.84%.

Mortgage rates fluctuate, and over the last 50 years they’ve changed significantly, Freddie Mac notes in a recent blog post. Consider, in the 1970s, the average rate was 8.86% compared to today’s 3.45%. Freddie Mac compiled the following chart to show how much mortgage rates have changed over the last five decades.

 

sample table comparing rates over the decades with mortgage payments. Visit source link at the end of this article for more info

© Freddie Mac

Source: 
Freddie Mac and “Mortgage Rates: Still the Deal of the Century,” Freddie Mac Blog (Feb. 27, 2020)  

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Chris B. Johnson REALTOR® Specializes in Luxury Estates and Home Auctions. Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve. I believe in Quality, NOT Quantity.
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