For the third consecutive week, the 30-year fixed-rate mortgage dropped, offering home buyers a chance to lock in lower mortgage rates ahead of the Federal Reserve’s largely predicted move to raise federal funds rate later this month.
Freddie Mac (Source) reports the following averages with national rates for the week ending Dec. 3:
- 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.6 point, dropping from last week’s 3.95 percent average. Last year at this time, 30-year rates averaged 3.89 percent.
- 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.5 point, falling from last week’s 3.18 percent average. A year ago, 15-year rates averaged 3.10 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, falling from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 2.94 percent.
- 1-year ARMs: averaged 2.61 percent, with an average 0.3 point, rising from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.41 percent.
For more information call, text or email Bob Reid at Coldwell Banker AJS-Schmidt, Grand Rapids Michigan