Mortgage rates posted more drops this week, lowering the borrowing costs of potential home shoppers and refinancers. Rates are now at a nine-month low, which helped boost mortgage applications more than 20 percent this week.
“Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 10:
- 30-year fixed-rate mortgages: averaged 4.45 percent, with an average 0.5 point, falling from last week’s 4.51 percent average. Last year at this time, 30-year rates averaged 3.99 percent.
- 15-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.4 point, dropping from last week’s 3.99 percent average. A year ago, 15-year rates averaged 3.44 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.83 percent, with an average 0.3 point, dropping from last week’s 3.98 percent average. A year ago, 5-year ARMs averaged 3.46 percent.
- Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy orsell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve.
About Me
- Chris B Johnson Realtor
- Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date. LinkedIn Pro UpNest What's Your Home Worth?
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