Fixed Rate Mortgages Reach Lowest Level in 12 Months
According to Freddie Mac’s Primary Mortgage Survey fixed rate mortgages have reached a 12 month low. And to think that everyone was panicking about rising mortgage rates just a couple months ago. How long will rates stay low? Who knows, but if you’re considering financing a home purchase soon, you may want to call your REALTOR® and get the search started. The Fed is planning at least 2 rates hikes this year.
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home buying season.”