Neighbor News
Mortgage Interest Rates are Dropping! Don't You Love the Sound of That?!
Current mortgage interest rates and what that means in today's real estate market.
Let's just get to the point here. Mortgage interest rates are falling. In fact, as of yesterday, April 12, 2017, interest rates for conforming (non-govt) and govt loans are as follows (according to wellsfargo.com):
30-Year Fixed Rate 4.125% , 4.165% (ARM)
30-Year Fixed-Rate FHA 4.250%, 5.291% (ARM)
30-Year Fixed-Rate VA 3.875%, 4.168% (ARM)
15-Year Fixed Rate 3.500%, 3.570% (ARM)
As far as a pattern, it seems that 30-Year Fixed loans have fallen .02% since last week. Falling almost .1% since the end of last month.
Find out what's happening in Alpharetta-Miltonfor free with the latest updates from Patch.
So, what does this mean to a homeowner or potential one?
Well, if rates continue to fall, more potential homebuyers will be able to afford to buy...and, buy more! That's good news for homeowners because there will be more home searchers out there looking to find that perfect home. So, it's a win, win for all!
Find out what's happening in Alpharetta-Miltonfor free with the latest updates from Patch.
Unfortunately, my crystal ball isn't working at the moment....so, I can't predict what rates might do tomorrow. So, if you are thinking about buying or selling....there is no time like the present!
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Emily Benner
Real Estate Expert