Mortgage Rates Are Falling

Great news for Lamorinda home buyers! The 30-year mortgage rate fell last week to 3.97% below the psychologically-important 4 percent level for the first time since early November. The 30-year rate was as high as 4.30% in mid-March. Recent weaker than expected economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities, both of which have helped drive rates down. According to Freddie Mac:

  • 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending April 20, 2017, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent. 
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 2.85 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.81 percent.

Please email me with your real estate questions or for a home evaluation.  I can be reached by email at erin@erinmartinhomes.com or by phone (925) 951-3817.