According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national average 30-year fixed rate mortgage rate dropped to 3.59% this week.
One year ago, the 30-year fixed rate mortgage rate averaged 4.22%. Today, it averages 3.59%. The difference gives a $36 monthly savings per $100,000 borrowed. On a $250,000 mortgage, that’s $1,080 in savings per year.
If watched mortgage rates rise through August and felt as if you missed the market bottom, consider this week your second chance. It’s the biggest one-week drop in rates in more than 3 months.
If you’re thinking of buying a home you need to get pre-approved so you know how much home you can comfortably afford. This gives you significant buying power with a seller who recognizes you will be approved for a loan. To get pre-approved or to discuss your financial situation, please call a loan officer with a solid track record of client service. Two of my favorites are:
Dan Cowart Baird&Warner Financial Service (630)677-5353 See Website
Brian Dempsey Bank of America (630)338-4104 See Website