Thinking of purchasing a Troon home? Mortgage rates have recently hit their 2014 lows, and now may be the perfect time to buy.
Weekly data released by the mortgage powerhouse, Freddie Mac, shows that the interest rate for a 30-year fixed-rate mortgage (FRM) dipped to 4.14 percent the week of May 22 and plummeted further to 4.12 percent the following week. Today, that number inched back up to 4.14, still a vast improvement from the 4.53 percent average we were looking at in early January.
In fact, we haven’t seen rates this low since October of last year. Around the week of Halloween, the 30-year FRM had an average interest rate of 4.10 percent, and a year ago, it averaged 3.91 percent. While 2014 mortgage rates have yet to fall below 4 percent, the continued downward trend leaves potential buyers hopeful.
Other mortgage rates have also seen a decline in recent weeks. The 15-year FRM averaged 3.23 percent this week, down from the 3.25 percent average seen the week of May 22 though up slightly from last week’s 3.21 percent. At the start of 2014, the 15-year FRM rate was at 3.55 percent. Meanwhile, adjustable-rate mortgages (ARMs) have been on a steadier decline. The average 5-year ARM rate has dropped from 2.96 to 2.93 percent since the end of May, and the 1-year ARM rate has gone from 2.43 to 2.40 percent.
Don’t wait to take advantage of the current low mortgage rates. Stay current with the latest market conditions on our Troon Real Estate Trends page. To schedule a showing of Scottsdale homes for sale, call (602) 791-0536 or email Carmen@TopScottsdaleHomes.com.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260