Friends and Clients—
Interest rates for a 30-year fixed rate mortgage have been on the decline since January 2019, now reaching lows last seen in September 2017. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 3.82% last week!
This is great news for anyone who is planning on selling or buying a home this summer! Freddie Mac had this to say,
"Mortgage interest rates continue to decline since the beginning of 2019. Low mortgage rates along with a strong labor market will help housing markets post modest growth over the next year and a half. We expect mortgage rates to follow Treasury yields with the 30-year fixed-rate mortgage averaging 4.1% in 2019, before increasing modestly to 4.2% in 2020."
To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.
Whether you are thinking of buying or selling, it’s a great time to be in the market. Of course, if you have any other questions, give me a call, send me a text or send me an email. I would be happy to help you.
And if you have questions about your home's worth or need help buying or selling a home, give me a call at 703-328-3434. I'm here to help.