Home buyers enjoyed another week of low rates as we headed deeper into the spring home-buying season. Freddie Mac reported interest rates largely unchanged from last week, even as pending home sales increased.
Buyers are out shopping, yet they still have very few homes to choose from in most markets. That said, for the fortunate buyers who have signed contracts to purchase an existing home, interest rates have been cooperating, but maybe not for long. The Federal Reserve has indicated it will exercise its judgment as to whether to raise rates in June. Most experts believe rates will rise, and that seems to have sent more people to their lenders applying for mortgages.
Applications for new mortgages increased 4.6% for the week ending March 27, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
So, while you can, please enjoy a 30-year fixed-rate mortgage at about 3.70% for the week ending April 2. Last week, rates averaged 3.69%, down from 4.41% a year ago this time.
