Mortgage Rates in the Twin Cities Near Historic Lows
The spring housing market is in full bloom with homes selling quickly and for a higher price than we saw last year. However, mortgage rates continue to drop to near historic levels. Last week the 30-year fixed-rate mortgage dropped to 3.65 percent with an average 0.6 point. Points are those fees that home buyers will pay to the lender that are equal to 1 percent of the overall loan value. The mortgage rate the week prior was 3.67 percent. In comparison, a year ago the 30-year fixed-rate was hovering around 4.33 percent. This is the lowest rate we have seen since February 5th, and the rate has not gone above 4 percent since November of last year. Rates have not risen above 6 percent in nearly a decade.
The 15-year fixed-rate mortgage also continues to drop. Last week it ended at 2.92 percent, down from 2.94 percent the week prior. A year ago the rate was 3.39 percent.
"Mortgage rates fell slightly … this week, positive news for potential homebuyers in the market this spring,” Len Kiefer, Freddie Mac deputy chief economist, said in a statement.
If you have not refinanced your current mortgage loan now may be the time to do so. If you are looking to buy a home in the Twin Cities this spring take advantage of these near historic mortgage lows.
If you are looking to buy or sell a home this fall contact me. 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
Licensed in Minnesota/Lic # 92065