We saw more activity in the market as rates dropped in a volatile business environment. Applications were up 7% and Freddie Mac reported the average rate on the average 30-year fixed mortgage was 6.60% this fell to 6.60% this week down from last weeks rate of 6.73%.
In statement by Freddie Mac’s Chief Economist Sam Khater, he said “turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.”
Rates fluctuate constantly so we always advise to LOCK in your loan right away. Removing that from being a concern is always a good idea as you tackle all the other aspects of buying a home. The last thing you want to hear is that your interest rate or loan costs have increased while your dealing with home inspections, appraisals and possibly counters with the seller.