Mortgage Rates Slip Below Six Week Low

Mortgage rates are fluctuating

Mortgage rates are fluctuatingMortgage rates for the 30-year fixed rate mortgage sunk this week, with reports of the average rate being 4.14 percent, down from 4.20 percent at this same time last week. Rates have continued to slink down for the past week, and these are nearing the lowest that they have been all year, according to the Zillow Blog.
This changing focus for investors into safer assets, like U.S. Treasuries and mortgage-backed securities comes at a particularly auspicious time, as lower rates may drive buyers who are on the fence onto the market. Of course, more buyers may not be able to find what they are looking for in markets, as many potential sellers are waiting for prices to edge up, too.
Of course, keep in mind that the actual mortgage rate you’ll qualify for may not be close to these numbers. They are collected nationally and tend to be based on low-risk borrowers with 20% down payments or equivalent home equity, if they are refinancing.
If you are looking for ways to boost your credit rating and help your savings grow, be sure to look out for articles from the Equifax Finance Blog right here on Chicago Real Estate Forum. Each week, we share wisdom from Equifax experts that can help prospective homebuyers, those in the market now, and current homeowners, find better ways to make their money work for them toward achieving their financial goals.
If you are a buyer on the fence, what would mortgage interest rates have to reach for you to get onto the market? Let us know in the comments!