Rates Falling
Mortgage Rates Fall to 9 Month Low
Fears about a slowdown in global economic growth, stock market volatility and the government shutdown have stoked economic uncertainty, sending mortgage rates into a free fall.
According to the latest data released by Freddie Mac, the 30-year fixed-rate average tumbled to 4.45 percent with an average 0.5 points. It was 4.51 percent the first week of January and 3.99 percent a year ago. The 30-year fixed rate dropped below 4.5 percent for the first time since April 2018.
Despite recent drops in mortgage applications (due in large part to the government shutdown), falling rates are already starting to cause an uptick of more than 20 percent as a response. Expecting continued house price appreciation throughout 2019, many are seizing this opportunity to fetch lower rates on loans, locking interest while they are still relatively low.
If you have buyers in the market that are on the fence and need lock recommendations or want to consider refinancing, I would appreciate the opportunity to work with them.
News update courtesy of Angela Fortgang -vNMLS#1700656
Loan Consultant
954 334 4272 - 954 560 1959 - 833 497 9389
600 N. Pine Island Road Suite 360 Plantation, Florida 33324
