The average rate on 30-year fixed-rate mortgages hit a record low this week, after the Federal Reserve announced it would purchase Treasury securities over the next six months, Freddie Mac’s chief economist said on Thursday.
The 30-year mortgage averaged 4.85% for the week ending March 26, the lowest point since Freddie Mac’s weekly survey began in 1971. Last week, the mortgage averaged 4.98%; the mortgage averaged 5.85% a year ago.
It is a good time to contact your lender if you need to refinance!
Please contact me if you would like to discuss the market and potentially take advantage of these rates in a down market.
Article on Mortgage Rates: Mortgage Rates Hit Record Low