Good News For Delaware Homebuyers and Refinancing
Here is some good news that may be of interest if you are in the market to purchase or refinance here in Delaware. The average weekly Freddie Mac survey rate for the 30-year fixed rate shows that rates keeps dropping. This past week there was a 5 basis points drop during the week ending Dec. 15, returning to its record low of 3.94% for the first time since early October.
Not only did the 30-year hit a record low in the most recent week but the 15-year fixed rate droped 6 bps to 3.21%.
The drop in most rates came amid what Freddie Mac chief economist Frank Nothaft called in his weekly report “a rough environment for housing.” Specifically he noted that there has been continued Fed pessimism about the sector, a nine-month decline in home equity values, and a slight increase in 90-plus day mortgage delinquency rates between the second and third quarters.
The long-term rate-indicative 10-year Treasury yield dropped as low as 1.9%.
It appears that the most recent forecasts generally suggest rates will stay very attractive for 2012, at least in the short-term, although we live in a world economy today and no longer on are own financial island, so anything can happen.
Does it make sense for you to refinance or purchase? If you think saving money on your current mortgage makes sense rather than giving it to the banks, just give us a call. If you are in the market for a new home, Delaware home buyers are experiencing some great deals.