After rising in March, average mortgage
rates started to fall this month. As of
April 15, the average 30-year fixed mortgage rate was 3.04%, according to
Freddie Mac, down from 3.18% two weeks ago.* Today’s rate is also lower than a
year ago, when the average 30-year fixed rate was 3.31%.
The average 15-year mortgage rate
also fell during the last two weeks, from 2.45% to 2.35%. A year ago, the
15-year fixed rate was 2.8%
Low mortgage rates—resulting
in lower monthly payments—act as an incentive for home buyers. The falling
rates are especially welcome now, as buyers contend with low housing inventory
and rising prices.
*Freddie Mac plays an important
role in increasing liquidity and stability in the housing market. It purchases
mortgages from lenders, providing cash for lenders to make additional loans to
home buyers.
Interest rate data and
chart courtesy of Freddie Mac as of April 16, 2021.
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See more of Annette’s articles on
related real estate topics. If you’re planning to buy or sell a
home, contact Annette at (610) 247-7892 or annette@preferredhomes.com
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