The 30-year fixed-rate mortgage sunk to a 3.89 percent average this week, its lowest level since May 30, 2013. That translates to more mortgage savings for home buyers and refinancers.
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 4:
- 30-year fixed-rate mortgages: averaged 3.89 percent, with an average 0.5 point, dropping from last week’s 3.97 percent average. Last year at this time, 30-year rates averaged 4.46 percent.
- 15-year fixed-rate mortgages: averaged 3.10 percent, with an average 0.5 point, dropping from last week’s 3.17 percent average. A year ago, 15-year rates averaged 3.47 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 2.99 percent.
- 1-year ARMs: averaged 2.41 percent, with an average 0.4 point, dropping from last week’s 2.44 percent average. A year ago, 1-year ARMs averaged 2.59 percent.
Source: Freddie Mac
If you have any questions about buying or selling a home, call or email Home & Away Realty. And if you are a current homeowner, be sure and ask about our Buyer Advantage plan, which could save you up to 2% of the sales price of your current home. We appreciate the opportunity to earn your business. – Robert Foreman
