2nd Mortgage Rates May Increase
Those that have been sitting on the fence considering a 2nd mortgage may soon wish to lock in, as rates are currently lower than normal.
The Wall St. Journal has the following hopeful news for the new year:
U.S. fixed-rate home mortgage rates fell to the lowest level in a month, according to a Freddie Mac survey.
The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.07% in the week ended yesterday, down from 6.17% a week ago and 6.18% a year earlier.
The 15-year fixed-rate loan averaged 5.68%, down from 5.79% a week ago and 5.94% a year ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.78%, compared with 5.90% a week ago and 6.02% a year ago.
“The new year has begun with mixed signals on the direction of the economy and mortgage market,” said Frank Nothaft, Freddie Mac vice president and chief economist.
While rates are this low, a mortgage loan will likely appear a solid bargain when they jump back up later in the year.
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