Mortgage rates dropped to levels not seen since June this week. The government re-start and a weak jobs report means the Fed will keep pumping money into the economy and this should keep interest rates low. Fear of rising interest rates pushed people into buying mode in the Spring but then as they inched up we saw demand slow in August and September. The shutdown hurt demand as well as buyers decided to take a wait-and-see approach. Now with the dust settled for the moment in Washington and lower rates coming we’re already seeing business pick up.
The rate on a 30-year fixed rate mortgage averaged 4.13 percent this week, down from last week’s 4.28 percent and the 15-year fixed mortgage rate averaged 3.24 percent, down from 3.33 percent last week.
Thinking if buying or selling? Then you need to be talking to your agent to find out what your best strategy should be in this quickly changing market. Give us a call or shoot us an email and we’ll be happy to help you out.
If you’d like more info on rates then check out this article from USA Today.