Mortgage Rates are Down again. And it looks likes they’ve uncovered some historic interest rate surveys, so they can compare FHA rates all the way back to 1951. We’re now at less than 3 months until the new year. Will mortgage interest rates go down more? Stay the same, or start going up?
Here’s what the experts at the Inman News had to say about the new rate averages:
Mortgage rates are at new lows for a third consecutive week as investor demand for mortgage-backed securities that fund most home loans continues to be more than adequate to satisfy demand for mortgages. Rates for 30-year fixed-rate mortgages averaged 4.19 percent with an average 0.8 point for the week ending Oct. 14, down from 4.27 percent last week and 4.92 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.That’s a new low in Freddie Mac’s records, which date back to 1971. Rates haven’t been lower since April 1951, according to another set of data based on FHA rates that goes back to 1948. Rates for 15-year fixed-rate mortgages averaged 3.62 percent with an average 0.7 point, down from 3.72 percent last week and 4.37 percent a year ago. That’s a new low in Freddie Mac records dating to 1991.
