Mortgage Rates Remain at All-Time Lows
Freddie Mac reports the following national averages with mortgage rates for the week ending April 23:
- 30-year fixed-rate mortgages: averaged 3.33%, with an average 0.7 point, rising slightly from last week’s 3.31% average. Last year at this time, 30-year rates averaged 4.20%.
- 15-year fixed-rate mortgages: averaged 2.86%, with an average 0.7 point, up from last week’s 2.80% average. A year ago, 15-year rates averaged 3.64%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.28%, with an average 0.3 point, dropping from last week’s 3.34% average. A year ago, 5-year ARMs averaged 3.77%.
So what does this mean if you have been pondering the idea of buying?
With mortgage rates at an all-time low, most serious buyers are even more motivated to make a move. Those who have been on the fence about the possibility of buying sometime soon should certainly take this opportunity to speak with a real estate professional as well as a mortgage lender to see about creating a plan customized for their specific needs.
Our real estate team has developed creative ways of showing properties through private video tours and virtual open houses as well as positioning offers based upon the specific needs of our buyers. We are noticing that with COVID-19, a shift in the market is beginning to occur giving buyers a little more time and power with their options in addition to terms of an offer. Therefore, I would go as far as to say that we are slowly entering into a buyers market instead of the heavy seller's market that we have experienced for years now.
Interested in finding out more about how we can create a customized plan for your buying needs?
Contact me! Julia Clarke. 781.879.5258. [email protected]
Source: NAR