Increasing Mortgage Rates Halted In Their Tracks

Rates Have Started to Fall

Freddie Mac released their national mortgage rate averages for week ending September 26, and there's some good news.  Last week the Federal Reserve decided to delay tapering its bond purchase program.  This bond purchase program is what has been helping keep mortgage rates down.

"These low rates should somewhat offset the hous price gains seen the last number of months and keep housing affordability elevated," says Frank Nothaft, chief economist with Freddie Mac.

Rates across the board have stopped their steady incline and have actually dropped a bit.  The most popular mortgage option, 30 year fixed, has seen a decrease of .18%, its now at it's lowest level since July 25th.

Least changed were the 5YR and 1YR ARM, though they saw a minor decrease as well.

If you have questions about buying or selling a home in the Chicagoland area, contact The Kombrink Team at RE/MAX Great American North at 630-488-3300.