And the real-estate market received some good news earlier this week. Mortgage rates still haven’t returned to their pre-Brexit territory but are back to where they were at the end of June, after the slide had started.
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The 15-year fixed rate mortgage averaged 2.75PERCENT, up three foundation points throughout the week.
This week the 30-year fixed averaged 3.45 percent, three basis points worse than last week’s 3.42 percent.
The 15-year fixed mortgage rate increased to 2.75 per cent from 2.72 per cent last week. At the current average rate of 3.60 percent, the monthly payment for the same size loan is $909.29, resulting in savings of $59 per month for a homeowner refinancing now.
Bankrate.com, which puts out a weekly mortgage rate trend index, found that almost half of the experts it surveyed believe rates will hold steady in the coming week as the markets await next week’s Federal Reserve meeting.
Long-term USA mortgage rates edged higher this week, remaining near historically low levels as a continued enticement to prospective homebuyers.
“We don’t expect any significant movement in mortgage rates in the near-term”, Freddie noted in a release. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. “This week, the 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent”.
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The Mortgage Bankers Association reports a 1.3 percent decrease in loan application volume from the previous week. The refinance index dropped 1 percent, while the purchase index declined 2 percent.
