The spring market is in full swing, and after reaching their highest levels of the year in mid-March, mortgage rates have finally retreated. According to Bankrate.com, the average 30-year fixed rate loan currently stands at 4.29%, down an impressive 15 basis points from last week. The 15-year fixed loan also fell 15 basis points to just 3.49%.
If you’re planning to purchase a luxury home in 2017, you may obtain a “jumbo loan”. The jumbo mortgage covers buyers who borrow more than $417,000, and the average 30-year fixed rate for this type of loan is currently 4.22%.
While mortgage rates have increased considerably since November’s elections, industry experts are quick to point out that they remain well under the interest rates seen prior to the Great Recession. Many economists speculate that the recent dip in mortgage rates is due to broader political uncertainty across the country that pushed investors towards safer assets.