For the first time since the presidential election, we are finally beginning to see a drop in mortgage rates. The 30- year fixed mortgage rate increased by 40 basis points in the two weeks following the election, raising the rate to 3.94%, as stated by Freddie Mac Chief Economist, Sean Becketti.
According to a report done by Freddie Mac, the 30- year fixed rate mortgage ends the week of January 5, 2017 at 4.20%; this is down from the previous week’s 4.32%. The 15- year fixed rate mortgage rate sits at 4.44%, down from last week’s 5.55%.
After a gradual increase over the past nine weeks, the decrease is a welcome break from the rising rates. With that being said, rates are still looking good for those in the market to refinance or purchase a new home, and now may be an optimal time to act!
Check out AmeriSave’s rates today, and let us serve all of your mortgage needs!