02/24/2025
Mortgage Rate Update
Things are looking up for both home buyers and homeowners seeking to refinance, as Freddie Mac’s latest report indicates mortgage rates have eased down over the last five weeks.
The average rate on 30-year fixed mortgages came in at 6.8% in Thursday’s report. This is the lowest rate since late December. Looking back one year ago, the 30-year fixed averaged 6.9%, so we do see stability in the market. As we head into the spring home buying season, potential buyers may want to jump ahead of the pack now to avoid bidding wars.
Rates on 15-year fixed mortgages also eased to an average of 6.04% nationwide, down from 6.09% the week prior. This type of loan is popular with home owners who want to refinance to save money on interest payments and build equity faster.
We specialize in finding the right loan program for each of our clients! Every situation is unique, and we have a variety of programs to explore. Give me a call if you, or your friends and family, need a mortgage professional that’s ready to provide the 5-star service you deserve.
