Mortgage Rates Drop

Mortgage Rates Drop | by Jim Catalano

According to Freddie Mac’s weekly survey of more than 100 mortgage lenders, the 30-year fixed-rate mortgage rate dropped another 2 basis points (0.02%) this week, falling to an average of 3.79% nationwide. This has been the fourth consecutive week mortgage rates have fallen!

Freddie Mac Rates | January 28, 2016 | Mortgage By Jim

We now see mortgage rates at their lowest since October of last year making it quite possibly the best time to purchase or refinance a home.

Using Freddie Mac’s weekly survey, here is how monthly mortgage payments would fluctuate, considering a loan amount of $250,000.

  • 30 year fixed rate: $1,163 per month
  • 15 year fixed rate: $1,735 per month
  • 5 year ARM: $1,040 per month

If you’re planning to buy a home soon and it’s likely that you will move or refinance within the next six to seven years, the 5-year ARM could be an excellent way to save on your mortgage.

How much lower will mortgage rates go?

Nobody has a corner on the crystal ball to make that prediction. What we do know is that rates are low right now.

Is it time to see what today’s rates will do for you?

Let me help you accomplish your mortgage financing goals.

Scroll to Top