Mortgage rates were predicted to rise this year, but every time they start to wander higher, something causes them to retreat.
According to the latest data released by the Federal Home Loan Mortgage Corp., the 30-year fixed-rate average sank to a three-year low, plunging to 3.54 percent, with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.60 percent a week ago and 4 percent a year ago. The 30-year fixed rate hasn’t been this low since May 2013.
This could mean that the time is right for you to apply for a home loan. Drop us a line today and we’ll help you get started.