Do you plan to buy a home in the East Bay sometime soon? Planning to use a mortgage loan to help finance your purchase? If so, you’ll be happy to know that mortgage rates are still hovering below 3.5%, on average. This is based on the latest nationwide survey conducted by Freddie Mac.
Yesterday, Freddie Mac published the results of its latest mortgage market survey. According to that report, the average rate for a 30-year fixed mortgage loan dropped two basis points to land at 3.44%, for the week ending on September 9th.
Here are the average figures from the latest survey:
- 30-year fixed mortgages had an average rate of 3.44% this week, with an average of 0.6 point paid by the borrower. That was a decline of two basis points (0.02%) from last week, when 30-year loans averaged 3.46%. This time last year, the average rate for a 30-year fixed home loan was 3.9%. So we’ve come down almost half a percent since last year.
- 15-year fixed mortgages had an average rate of 2.76% this week, with an average of 0.5 point. That was a slight decline from last week’s average of 2.77%. This time last year, the 15-year mortgage rate average was at 3.10%.
- 5-year adjustable (ARM) loans averaged 2.81% this week, a two-basis-point decline from last week’s reading.
East Bay Home Loan Rates Still Very Appealing
East Bay 30-year mortgage rates have remained in this low range for quite some time. In fact, the average rate for a 30-year fixed home loan has fluctuated between 3.4% and 3.5% for the last 11 weeks in a row (as of September 9, 2016).
This is good news for East Bay home buyers who are ready to make a purchase, and for homeowners who are looking to refinance their existing loans. Locking in at today’s historically low rates could bring measurable benefits over the long-term.
Chart: Year-to-Date Mortgage Rate Trends
The chart below accompanied the latest survey report from Freddie Mac. It shows average mortgage rates in three loan categories, dating back to this time last year.
As you can see from this chart, mortgage rates have come down quite a bit since the start of this year. You’ll also notice that the 30-year rate average, in particular, has been hovering at or below 3.5% for the last couple of months. This kind of stability doesn’t happen very often, and that’s why so many East Bay home buyers and homeowners are taking advantage of it.
Get a rate quote: Are you in the market for a home loan in the East Bay? Contact us today to learn more about your mortgage financing options, or to receive a rate quote. You can even start the process online with our request a quote feature. We look forward to helping you!
Disclaimer: The average mortgage rates shown above were provided by Freddie Mac and based on their long-running survey of lenders. Actual loan rates vary based on geography, loan features, and borrower credit qualifications.