Mortgage rates slid down this past week, despite 94% of Bankrate.com’s industry leaders predicting that they would remain unchanged or increase. The average 30-year fixed rate loan currently stands at 4.04% nationwide, although it’s important to note that mortgage rates can change significantly depending on the borrower’s credit score, and whether or not they purchase points (points are fees paid to the lender upfront in exchange for a lower interest rate.)
The 5/1 adjustable rate mortgage also slid by 15 basis points to 3.19%. While the most popular home loans for buyers decreased this week, the most popular loan for refinancing homeowners actually increased by 4 basis points to 3.22%.
Interested in buying a home this spring? We’d love to introduce you to a local, friendly real estate agent and loan officer. Just give us a call at (215) 699-5555!