People who are planning to purchase homes in Delaware may be pleased to learn that mortgage rates are at historically low levels. On July 30, the Federal Home Loan Mortgage Corporation, also known as Freddie Mac, released a report about mortgage rates called the Primary Mortgage Market Survey. It reported that average rates for 30-year fixed mortgages were around 3.98 percent for the week.
The last time that mortgage rates fell below 4 percent was the beginning of June. Mortgage rates have trended low since January, and the fact that they are still low suggests that home buyers may be able to remain optimistic about continuing low rates. According to the Freddie Mac survey, rates for 15-year fixed rate mortgages were around 3.17 percent while rates for 5-year Treasury-indexed, adjustable rate mortgages were around 2.95 percent.
Freddie Mac creates mortgage rate reports once each week by surveying a group of 125 lenders about their mortgage rates. The surveys are considered to be indicators of nationwide housing trends. A chief economist for Freddie Mac said that he expects mortgage rates to remain steady for the next few weeks. The Federal Reserve has indicated that it plans to raise interest rates in response to improvements in the economy, but no exact timeline has been set.
Prospective home buyers could benefit from keeping a close eye on mortgage rates and other housing trends. By following housing reports, they may be able to secure a relatively low mortgage rate by purchasing their home at the right time. A real estate law attorney might assist a client in tracking mortgages in order to determine when it is a good time to purchase a home.