Mortgage Rates Across The Nation Decrease
The average mortgage rate in the Twin Cities and across the nation decreased slightly last week, this comes after levels have already been low.
According to Freddie Mac, the average rate of the 30-year fixed- rate mortgage decreased slightly last week to 3.85 percent, down from 3.86 percent the week prior. The 15-year fixed-rate mortgage also saw a slight decline last week to 3.07 percent, down from 3.08 percent the week prior. This marks ten consecutive weeks of rates being below 4 percent.
Many economists anticipated that the Federal Reserve would hike rates at their meeting last month, which would have resulted in higher rates on mortgage loans. However, the fed chose not to increase rates, and chose to keep federal funds at a near zero rate, which it has been since 2008 when the financial crisis hit.
Continued low rates may have very well played a part in the 6.1 percent increase in the number of signed contracts on homes in the past 12 months.
If you are looking to buy a home in the Twin Cities we would love to help.. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
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