The nation’s average mortgage rate is currently hovering just over 4 percent, according to government mortgage giant Freddie Mac. Borrowers obtaining a 30-year fixed rate loan can expect to pay an average interest rate of 4.05% with an average 0.5 point. Points are an upfront fee (paid on settlement day) in exchange for a lower interest rate.
The 15-year fixed rate loan, a popular choice for refinancing homeowners, also ticked slightly higher to 3.29%. While interest rates rose sharply following November’s presidential election, they have trended downward this spring, largely in part to global economic turmoil.
If you’re interested in purchasing a home this summer and would like to learn about your financing options, be sure to send us an email to info@everyhome.com. We’d love to introduce you to a local, helpful loan officer who will guide you through the entire mortgage process.