While Mortgage rates have inched up a bit in the last week or so, they are historically staying low according to a recent positive report released by Freddie Mac. Freddie Mac’s chief economist Frank Nothaft is quoted as saying, “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week, and mortgage rates followed. Job growth over the last six months was the strongest since 2006.” For 15 consecutive weeks, 30-year rates, the most popular choice among home buyers, have averaged below 4 percent.
The following is a closer look at rates for the week ending March 22:
- 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.8 point, inching up from last week’s 3.92 percent average. A year ago at this time, 30-year rates averaged 4.76 percent.
- 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.8 point, climbing from last week’s 3.30 percent average. Last year at this time, 15-year rates averaged 3.97 percent.
- 5-year adjustable-rate mortgages: averaged 2.96 percent, with an average 0.7 point, also slightly up from last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.57 percent at this time of year.
- 1-year ARMs: averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.79 percent average. Last year, 1-year ARMs averaged 3.17 percent.
While these rates are still pretty low, there is a pattern of rates inching up each week. If you want to buy, now is the time or you could be facing higher rates sooner that you think. Home prices in Southwest Florida are even more affordable with these mortgage rates, but with rates rising slowly, now is the time to take full advantage of buying your home in Southwest Florida.
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