“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” says Sam Khater, Freddie Mac’s chief economist.
“Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop, we expect a continued rise in purchase demand.” Freddie Mac reports the following national averages with mortgage rates for the week ending March 28:
  • 30-year fixed-rate mortgages: averaged 4.06 percent, with an average 0.5 point, falling from last week’s 4.28 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.57 percent, with an average 0.4 point, dropping from last week’s 3.71 percent average. A year ago, 15-year rates averaged 3.90 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.75 percent, with an average 0.3 point, falling from last week’s 3.84 percent average. A year ago, 5-year ARMs averaged 3.66 percent.
  • NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone.
  • Need to get pre-approved for a loan? Call or text today 801-809-9866! 
  • Looking to sell or buy your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home.
  • Call or text today 801-809-9866!

  • #Mortgage #UtahRealEstate #Selling #Buying
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    Source: 
     
    Freddie Mac