The 30-year fixed mortgage rate, the interest for the most popular home loan product, dropped below 5 percent for the first time in four months.
According to the latest data, released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.99 percent with an average 0.8 point. (A point is a fee paid to a lender equal to 1 percent of the loan amount. It is in addition to the interest rate.) It was 5.3 percent a week ago and 2.77 percent a year earlier.
The 15-year fixed-rate average fell to 4.26 percent with an average 0.6 point. It was 4.58 percent a week ago and 2.10 percent a year ago. The five-year adjustable rate average slipped to 4.25 percent with an average 0.3 point. It was 4.29 percent a week ago and 2.4 percent a year ago.
Bankrate.com, which puts out a weekly mortgage rate trend index, found the experts mixed on where rates are headed in the coming week. Forty percent say they will go up, 30 percent say they will go down and 30 percent say they will remain about the same.
Read the full article by The Washington Post Here
Homes by Taber's hand-picked lenders from Stride Mortgage have all the information you need to take advantage of lower mortgage rates! Learn more about financing Here