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Mortgage Rates In Biggest Weekly Decline Since 2009
The 30-year mortgage rate plummeted 27 basis points, the biggest weekly drop in a decade. The average fixed rate on a mortgage loans dropped after the Federal Reserve said it would not raise rates this year.
The average mortgage rate exceeded 5 percent in November before declining in December. With the average rate on the 30-yr fixed mortgage now close to 4%, 4.9 US million borrowers could likely qualify for a refinance & reduce their interest rate by at least three-quarters of a percentage point.
The dramatic drop in rates is expected to drive up home sales as buyers prepare for the spring home buying season.
Borrowers are taking note of lower rates — and they’re springing into action. Total mortgage applications jumped 8.9 percent from the previous week, according to data from the Mortgage Bankers Association’s weekly applications survey for the week ending March 22.
An increasing number of people said they think it's a good time to purchase a home, according to the latest Housing Opportunities and Market Experience survey from the National Association of Realtors.
"Although our forecast still calls for mortgage rates to tick up higher later in the year to an average of 4.6 percent, the recent drop is great for prospective buyers on the search for a home this spring," said Mike Fratantoni, chief economist for the Mortgage Bankers Association. "The combination of lower rates – especially compared to last spring – and moderating home-price growth improves buyers' purchasing power and will hopefully translate to a somewhat faster pace of home sales than previously expected."
If you plan on buying a home this spring, let’s get together to prepare you to take advantage of today’s market before rates increase. Contact us at 760-770-1555 or send us an email to firstname.lastname@example.org
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