Although many industry experts predicted mortgage rates would eventually rise before years end, long-term borrowing is still showing no signs of an immediate increase, as mortgage rates actually inched slightly lower than previous levels earlier in the week.
According to reports, Freddic Mac is saying the average rate on a 30-year fixed rate mortgage dropped to 3.76% this week, down from the previous rate of 3.79% that was registered last week. With this latest decline, 30-year mortgage rates are now near the lowest levels of 2015, which of course is great news for anybody still trying to find a new home before the new year.
Along with the drop in 30-year fixed rates, one-year adjustable rate mortgages also fell from 2.62% to 2.54% this week, while the average 15-year fixed rate remained unchanged and is currently at 2.98%.
In terms of how the real estate market is faring right now, pending sales of existing homes saw somewhat of a seasonal decline, dropping 2.3%, but compared with this time last year, contact signings are still 3% higher. And with mortgage rates still at incredibly low levels, we could be in store for a busier holiday season than usual.
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