With the spring season in full swing, so is the spring buying season. In some good news for those planning on buying a home during this season, long-term mortgage rates in the United States remained low this week.
Thirty-year fixed rate mortgages did slightly increase to 3.59 percent from last week’s 3.58 percent. As for 15-year fixed rate mortgages, these dropped to 2.85 percent which is actually the lowest they’ve been since May 2013. This also represents a tiny decrease from last week’s 2.86 percent. Five-year adjustable rate mortgages also dropped to 2.81 percent, lower than the 2.84 percent of last week.
Overall, mortgage rates are currently lower than what they were at back in the middle of December when the Federal Reserve decided to raise short-term rates for the first time in nearly ten years. The last time it did so was back in 2006. It was anticipated that the hike was going to be the first of many and would force other rates to increase, but due to global economy weaknesses, the rates have remained low.
Just last year, 30-year and 15-year mortgage rates were at 3.65 and 2.92 percent, respectively.
So far, the spring home shopping season is showing positive signs. The National Association of Realtors reported that existing home sales increased in March to a seasonally adjusted annual rate of 5.33 million.
This real estate and financial update is brought to you by FreeValues.com, the number one provider of free home values on the web. We provide free house values as well as useful information for sellers.