Falling Mortgage Rates May Help Prospecting Buyers
The latest report from Freddie Mac revealed that mortgage rates are on the decline across the board for the week of March 14, 2019. With falling rates, home buying is looking up for prospecting buyers as the spring buying season nears.
"Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower," according to Freddie Mac.
"At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low."
The 15-year fixed mortgage rate is at 3.76%, down .07% from one week ago. Lower rates are giving homebuyers a little more flexibility in their buying options. It may also help buyers who were on the fence of purchasing a home lock in on a rate.
While the report looks bright for homebuyers, Freddie Mac cautioned that closing costs were not considered in the survey, so buyers may still want to act with caution.
To learn more about the current mortgage rates, click on the image above.