This is great news for borrowers! According to Bloomberg, interest rates for 30 year fixed rate mortgages fell to an average of 4.12% this week, down from 4.14% last week.
Despite a slow start to the year, housing demand has been steadily regaining strength since May. According to the National Association of Realtors, contracts to buy previously owned U.S. houses climbed 6.1 percent in May, the biggest monthly gain since April 2010.
Surprisingly, the number of mortgage applications submitted have fallen for the fifth time in 6 weeks. Although lending is picking up, it’s far from booming.
If you’re ready to take advantage of these lower rates, contact my office today! We can get you pre-approved for a loan and on your way to owning the home of your dreams.