As our Spring real estate market kicks into high gear potential home buyers just got an early treat from the Easter Bunny with a big drop in interest rates. According to Bankrate.com latest survey of national mortgage lenders, the 30-year mortgage rate sank 27 basis points last week to 4.17%, the biggest weekly drop in a decade. The last time the benchmark 30-year rate was below this level was Jan. 3, 2018 when it hit 4.1 percent, according to Bankrate’s historical data. Since last November mortgage rates have almost dropped a full percentage point when the benchmark rate was just short of 5.0%. While the above rates are national averages local lenders have recently quoted 30-year fixed rate jumbo loans at 3.75%, 10/1 ARMs at 3.25% and 7/1 ARMs at 3.125% (all with no points and fees).
This huge drop in rates comes on the heels of the Federal Reserve announcing last month to keep rates steady and signaling no more rate increases for the rest of the year. This welcome news comes just in time for the Spring market and a great opportunity to refinance your current mortgage.
We look forward to hearing from you with your real estate questions. Erin: 925.951.3817; Darrick 925.900.8218