Fixed rate mortgages have dropped to their lowest rates of the year so far after Britain's decision to leave the European Union. For home buyers, this is excellent news because mortgages for the same priced home just became more affordable. Sellers should also be excited by this news as it means buyers will be more motivated to purchase a home before interest rates go up.
Freddie Mac reports the following national averages for the week ending June 30:
- 30-year fixed-rate mortgages: averaged 3.48 percent, with an average 0.5 point, falling from last week's 3.56 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
- 15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.4 point, dropping from last week's 2.83 percent average. Last year at this time, 15-year rates averaged 3.24 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.70 percent, with an average 0.5 point, falling from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.99 percent.
If you are interested in buying a home this year, now might be the best possible time to lock in your interest rate. If this is your first time purchasing a home, check out our First Time Home Buyer's Guide. If you have already secured financing or are in the process of securing financing and are ready to look at homes, please give us a call at 775-453-4568 or email firstname.lastname@example.org. We would be happy to set up a customized home search that alerts you by email every time a home comes on the market that fits your criteria.