how are interest rates compared to last year? low!

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. February 2018 was the last time we saw these rates.

Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from mid-November when rates were at 5% rates. At 4.32%, the second week of February 2018 was the last time rates were this low.

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!