Was just surfing the interweb through my RSS reader and caught that the interest rates for mortgages just keeps on slowly slipping (reminding me of that “Fly Like an Eagle” song which is now stuck on a loop in my head.
The Zillow folks say:
Mortgage rates for 30-year fixed rates decreased slightly this week, with the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace at 5.02%, down from 5.04% the week prior. For 15-year fixed mortgages, borrowers were quoted on average, 4.42% and for 5/1 ARMs, 3.94%.
This morning, the national rate for 30-year fixed purchase mortgages was 4.93%.
Good news for BUYERS! Get more purchasing power and lower monthly payments.
Good news for SELLERS! Get more qualified buyers to come see your listings.
Long story short – it’s good for the housing market. The stats are out there, but thanks to the Zillow folks, it’s in a pretty little chart for you to look at.
Of course, rates DO change from day to day – so be sure to talk to your mortgage specialist about your situation.
What? You don’t have a mortgage professional on your side? Well, then Marc Geshekter will come to the rescue! You can call Marc at (415) 722-3196 or email him.