One of the most common questions I hear from home buyers is, "How much house can I actually afford?"The answer isn't always as simple as looking at the purchase price. While the home's price,
Freddie: Still ‘Room for Rates to Move Down
Dated: April 14 2020
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The 30-year fixed-rate mortgage held steady compared to last week, averaging 3.33%.
“There is room for rates to move down,” says Sam Khater, Freddie Mac’s chief economist. “This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”
Freddie Mac reported the following national averages with mortgage rates for the week ending April 9:
- 30-year fixed-rate mortgages: averaged 3.33%, with an average 0.7 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.12%.
- 15-year fixed-rate mortgages: averaged 2.77%, with an average 0.6 point, falling from last week’s 2.82% average. A year ago, 15-year rates averaged 3.60%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.40%, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.80%.
Average commitment rates are reported above, along with the average fees and points, to reflect the total upfront costs of obtaining the mortgage.
Dan Hennen
With over 30 years of experience in the real estate industry, Dan Hennen has been a full-time agent since 1994, specializing in both buyers and sellers throughout the Twin Cities metro area. As a Minn....
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