Mortgage Interest Rates Start 2015 at New Lows
The new year is starting with a gift to home buyers: lower-than-expected interest rates. Mortagage interest rates start 2015 at new lows. Let the Kendra Wray Team here in Lake McQueeney help you with all your Real Estate needs this year and guide you in the right direction
The 30-year fixed-rate mortgage averaged 3.73%, the lowest it’s been since May 2013, according to the Freddie Mac Primary Mortgage Market Survey. During the last week of 2014, the rate averaged 3.87%. It was as high as 4.51% a year ago at this time.
“Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2% for the first time in three months,” said Frank Nothaft, vice president and chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.05% this week, down from 3.15% last week and 3.56% a year ago this time, according to Freddie Mac.
Likewise, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98% this week, sliding from 3.01% last week. It was 3.15% last year this time, according to Freddie Mac.
The 1-year Treasury-indexed ARM averaged 2.39% this week, down from 2.40% last week. At this time last year, it averaged 2.56%, according to Freddie Mac.
The majority of experts polled by Bankrate.com believe rates will continue this downward trend. According to the Mortgage Rate Trend Index, 55% say rates will fall and 36% say rates will rise. The remaining 9% say rates will remain unchanged.
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