Interest Rates Lowered

Average fixed-rate mortgages reversed course this week, falling after having soared to new highs for 2015 last week.

Freddie Mac reports the following national averages with mortgage rates for the week ending June 18:

• 30-year fixed-rate mortgages:  averaged 4 percent, with an average 0.7 point, dropping from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.17 percent.
• 15-year fixed-rate mortgages:  averaged 3.23 percent, with an average 0.5 point, dropping from last week’s 3.25 percent average. A year ago, 15-year rates averaged 3.30 percent.
• 5-year hybrid adjustable-rate mortgages:  averaged 3 percent, with an average 0.4 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3 percent.
• 1-year ARMs:  averaged 2.53 percent, with an average 0.2 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.41 percent.

Source: Freddie Mac

Now is a great time for buyers to get off the fence and purchase a home while interests rates are this low!