If you’ve been following what interest rates were up to during September, it’s been a rollercoaster of ups and downs. As of October 3rd, however, rates were reported by Freddie Mac to be “holding steady.” This put the 30-year fixed rate mortgage rate at 3.65%, while the rate for a 15-year fixed rate mortgage was 3.14%, and the rate for a 5/1-yr ARM was 3.38%.
August saw an impressive year-over-year drop for the 30-year fixed rate mortgage. It was 4.55% last August but was only 3.62% this August. It dropped down even further to 3.49% at the start of September, but then we saw it rise back up to 3.73% later in the month. After that, it dropped back down to 3.64% during the last week of the month.
This puts some perspective on why Freddie Mac characterizes the rates as currently “holding steady.” Even though there has been another increase, it has been very slight. This is a welcome reprieve after all the changes of last month, which were in part the result of fluctuating consumer confidence owing to a range of geopolitical issues—the Trump/China trade war.
Since it looks like the rates have again stabilized at this low level for now, it is an ideal time to considering buying a home with a fixed rate mortgage. If you lock in this type of low rate for an FRM, you can look forward to not having to worry about much larger potential fluctuations over the years ahead.
Contact a Mortgage Specialist in Los Angeles
I would love to help you take the next steps in the process so you can move affordably into a Los Angeles home. To get started, you can give me a call at (818) 601-2231 or email me at firstname.lastname@example.org. Let’s lock in your low fixed interest rate now!