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As 2020 Gets Underway, Mortgage Rates Drop

UPDATE – mortgage rates are falling! Mortgage rates plunged to uncharted lows Monday March 9th and went on a wild ride. Fixed rates for a 30-year mortgage dropped to a range of 3 to 3.375 percent Monday morning, said Chad Helmcamp, senior loan officer at BWC Lending.

Fixed rates for a 30-year mortgage dropped to a range of 3 to 3.375 percent Monday morning, said Chad Helmcamp, senior loan officer at BWC Lending. Then, during the span of a 10-minute interview with the Chronicle, he received two additional rate sheets from investors, revising the prices at which they were willing to buy mortgages.

Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage averaged 3.64%. “Mortgage rates fell to the lowest level in thirteen weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets,” said Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.64% with an average 0.7 point for the week ending January 9, 2020, down from last week when it averaged 3.72%. A year ago at this time, the 30-year FRM averaged 4.45%.
  • 15-year fixed-rate mortgage averaged 3.07% with an average 0.7 point, down from last week when it averaged 3.16%. A year ago at this time, the 15-year FRM averaged 3.89%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.30% with an average 0.3 point, down from last week when it averaged 3.46%. A year ago at this time, the 5-year ARM averaged 3.83%.

This is great news for the home building industry and for buyers looking for a new home!

Contact a mortgage lender and apply for a mortgage pre-approval to get a sense of how much you can comfortably pay in monthly mortgage payments.

At Long Lake Ltd., we recognize the importance of working with quality lenders that help you understand the home loan process!

As a leader in the homebuilding industry, we’ve done the homework for you. More importantly, we’re one of the few builders that offer our customers a choice! The benefit of multiple preferred lenders means multiple loan programs and healthy competition for your business!

By using a local business, you can choose to meet face-to-face, or if you’re constantly on the go, send your paperwork electronically. Over the phone or face-to-face, you’re dealing with a reputable lender that will provide answers to your questions.

Our goal is to help make your dream of owning a home a reality. All of our preferred lenders offer competitive rates and low closing costs.

Ask our onsite sales associates for details on our Preferred Lenders and on seller contributions to closing costs. Some restrictions apply.

Ask our onsite sales associates for details on our Preferred Lenders and on seller contributions to closing costs. Some restrictions apply. 

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