The average fixed mortgage rate dropped again last week, according to the Primary Mortgage Market Survey® (PMMS®), providing more buying power and incentive if you are seeking to buy your Santa Cruz home.
The 30 year fixed decreased to an average 3.41% with a 0.7 point (last year’s same date comparison was at 3.90%). The 15 year fixed rate mortgage dropped, as well, down to 2.64% with a 0.7 point (last year the 15 year FRM was at 3.13%).
Adjustable rate mortgages fluctuated as well, with the 5-year Treasury-indexed hybrid adjustable averaging at 2.60% (0.5 point), down from an average 2.62% from the previous week. The 1-year Treasury-indexed ARM increased a tenth of a percentage to 2.63% (0.4 point).
Frank Nothaft, vice president and chief economist of Freddie Mac, explained the changes and low interest rates, saying, “Mortgage rates nudged lower this week as consumer spending showed signs of weakness…”
Low interest rates make NOW the prime time to lock in a mortgage rate and find your Santa Cruz home.
If you have been thinking about buying or selling your Santa Cruz home, give Hyko Roppel a call at (831) 477-5815 or CLICK HERE to schedule a free consultation so we can assess your needs and qualifications, to get you in your home as soon as possible.