Did you know? The average mortgage interest rate dropped from last week’s 2.93% and its previous record-low Aug. 13 of 2.88%. It’s also cheaper than the average adjustable-rate loan (3.11%).
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan declined to 2.86% from 2.93% last week. By contrast, the rate averaged 3.56% a year ago.
The average rate on the 15-year fixed-rate mortgage slipped to 2.37% from 2.42% last week. A 5/1-year adjustable rate mortgage averaged 3.11% this week.
Needless to say, this is tremendous news for prospective buyers entering the real estate market right now. Buyer power is as strong as it has been in a very long time! If you are ready to buy your piece of paradise in South Florida, call Live South Florida Realty, Inc. today for a free no-obligation consultation.