Thursday, October 3, 2013

Mortgage Rates Take a Dip!

Mortgage rates took another dip this week thanks to the Federal Reserve's decision to stay the course on the stimulus bond-purchasing program.

The benchmark 30-year fixed-rate mortgage fell to 4.25 percent from 4.66 percent last week, according to the national survey of large lenders. That is GREAT news! The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, that rate stood at 3.55 percent. Four weeks ago, it was 4.62 percent.

The benchmark 15-year fixed-rate mortgage fell to 3.53 percent this week, compared to 3.7 percent last week, and the benchmark 5/1 adjustable-rate mortgage fell to 3.41 from 3.55 percent. The benchmark 30-year fixed-rate jumbo fell to 4.125 percent from 4.77 percent!

This is great news for buyers needing a  loan, but also for sellers since higher mortgage rates can affect the speed and price at which their home sells. Don't hesitate to take advantage of these amazing rates. You may regret it if rates go up!