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Andi DeFelice
Mortgage rates have dropped to their lowest level in a year due to slowing inflation and investor willingness to cope with the slowdown in the global economy.
The 30-year fixed-rate mortgage averaged 4.37% for the week of February 14, mortgage guarantor Freddie Mac said Thursday. This was down 4.41% the previous week. The 15-year adjustable rate mortgage averaged 3.81%, down three basis points. The hybrid 5-year hybrid adjustable rate mortgage averaged 3.88%, down from 3.91%.
These rates do not include the costs associated with obtaining a mortgage loan.
Mortgage rates follow the 10-year US Treasury rating
TMUBMUSD10Y, -1.66%
. Bonds have become more attractive in recent weeks because of concerns about global growth and the concern of a possible government shutdown. This is good news for borrowers: bond yields are falling as their prices rise.
The 30-year fixed rate has risen in one week to date and averaged 4.44%, compared to 4.54% for all of 2018.
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Last year, many housing markets, especially those at higher prices, were difficult, and the year-end rate hike did not help. But for Andi DeFelice, real estate agent in Savannah, Georgia, market conditions have been "stable".
"Six months ago, the sellers market was solid, but it calmed down a bit, took a little trick," said DeFelice. "The inventory picks up a bit. It's starting to become, not necessarily a buyer's market, but a little more balanced. Sellers get reasonable prices and buyers pay reasonable prices. At the moment, it's a good place. "
Lily: Mortgage rates are at their lowest for four months. What is slowing down the real estate market?
The recent decline in mortgage rates has been "phenomenal" for its customers, DeFelice told MarketWatch. "This opens doors to buyers who may not have been open a month and a half ago."
Andi DeFelice
DeFelice works exclusively with buyers and has been encouraged by the recent wave of millennials, although homeowners are increasingly selling their homes to businesses as an investment rather than a free market listing. "The younger generation realizes that she needs someone who works on her side," she said.
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