Mortgage Rates Sink To New Low For 2014

Mortgage Rates Sink To New Low For 2014

- With mortgage rates at new lows, now is a great time to buy your new home!!! 

- Despite predictions that mortgage rates were to inch up in the second half of this year, fixed-rate mortgages continue to tumble. Borrowing costs moved lower this week, as the 30-year fixed-rate mortgage dipped to a 4.10 percent average, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgages previous low average for the year was 4.12 percent.
Freddie Mac reports the following mortgage rate national averages for the week beginning Aug 25th.  ·         

30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.58 percent.
·         

15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.6 point, dropping from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.60 percent.
·         

5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.21 percent.
·         

1-year ARMs: averaged 2.38 percent, with an average 0.5 point, rising from last week’s 2.36 percent average. A year ago, 1-year ARMs averaged 2.67 percent. -- Freddie Mac


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Philip Crocker
Lead Buyer Consultant
mySanDiegoAgent Realty Group
Keller Williams Real Estate
760.212.7222
CA BRE# 01131961


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Dated: August 25th 2014
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