As Mortgage Rates Sink, Applications Rise

Mortgage applications are increasing as the rate falls.

As of the week of January 18, mortgage applications rose 8.8%. Last year, the mortgage rate averaged 3.66%. In December, the Federal Reserve raised rates for the first time in almost 10 years. Currently, the rate for a 30 year mortgage is 3.79%, and the rate for a 15 year mortgage dropped to 3.07%.

Homebuyers may see that their rates are low but they could be paying more for homes because of the scarcity of homes on the market right now. However, the low rates make this a great time to purchase a home.

From CNN

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s