According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!
Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below. Lower interest rates increase your buying power.
Freddie Mac’s Chief Economist, Sam Khater, had this to say:
“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.
Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”
Bottom Line, if you plan on buying a home this spring, let's meet so I can help prepare you for today’s market before rates increase!
Email, call or text me to schedule a time to chat about your goals and if now is the right time for you to buy and/or sell. My real estate consultations are always FREE and no pressure.
Kurt - (612) 325-6324
Keeping Current Matters 2/27/19