The most recent news from Freddie Mac tells us that the 30-year fixed-rate mortgage averaged 3.61% last week, which is down from the previous week (3.66%), and almost 20 points below a year ago (3.80%).
This is fantastic news for homebuyers who are struggling with increasing prices due to low inventory of homes for sale in Thurston and Pierce County. Freddie Mac continued to show optimism for the rates to continue to stay low throughout the spring. Freddie Mac expects rates to stay well under 4% as we gear up for the end of spring. Anticipating one of the best springs in 10 years for the housing market. This is great news for first-time homebuyers.
Below is a graphic of the weekly average rates in 2016, put forth by to Freddie Mac.
Rates have gone down to historic lows, still, experts still expect them to rise at some point in 2016. Something we do know is that, Freddie Mac says, rates right are the best they have been at since last April.
Sean Becketti, Chief Economist for Freddie Mac says that mortgage rates have not flucated much since February, giving house hunters the ability to take advantage of the low rates.
Bottom Line
If you have been pondering whether now is a good time for a first home or moving up to to finding your dream home, now is a great time to take advantage of a fantastic rate on your mortgage.