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Home mortgage rates falling

On Behalf of | May 29, 2015 | Mortgages

People in Delaware who are in the market for a new home may be happy to learn that mortgage rates have been going down nationwide. After average long-term mortgage rates rose for three weeks in a row, they went down at the end of May. On May 21, Freddie Mac reported that the average rate for a 30-year mortgage was 3.84 percent, and the average rate for a 15-year mortgage was 3.05 percent.

Average mortgage rates are lower than they were during the same time last year. In May 2014, the average 30-year mortgage rate was 4.14 percent while the average 15-year mortgage rate was 3.25 percent. Average mortgage rates reported by Freddie Mac do not include the extra fees, or points, which are usually required in order to get the lowest rates available. While mortgage rates fell, the average points for a 30-year mortgage went up to 0.7 percent from 0.6 percent.

Despite lower mortgage rates, other reports have shown that there are less people taking out mortgages. Sales of existing homes in the U.S. went down by 3.3 percent in April, according to the National Association of Realtors. However, new home construction starts have continued to increase, and they are now at levels that have not been achieved since the 2008 recession began.

Purchasing a home for the first time and applying for a mortgage can be confusing for a lot of people. A real estate attorney may be able to assist home buyers with the process of obtaining a mortgage at a rate they are happy with. legal counsel can also help a home buyer by conducting an investigation into a property to look for any hidden issues with the title.