Mortgage Rates are moving down, is it time to buy?

Time to buy

Time to Buy?

According to Freddie Mac the time to buy is now and in the recent future

The 30-year, fixed-rate mortgage came in at an average rate of 4.39%, down from 4.41% a week earlier and up from 3.42% last year. The 15-year, FRM, meanwhile, averaged 3.44%, a drop from 3.45% a week ago, but up from 2.71% last year.

Adjustable rate mortgages had slightly diverse outcomes, with the 5-year, Treasury-indexed hybrid adjustable-rate mortgage coming in at 3.15%, up from last week when it averaged 3.10% and an increase from 2.67% a year earlier.

On the other hand, the 1-year Treasury-indexed ARM hit 2.54%, down from 2.56% a week earlier and 2.57% last year.

“Mortgage rates were flat to down a little this week amid reports that inflation remains subdued,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013.”

Lower rates could indicate that it is time to buy. As your real estate agents, we will guide you through the home buying process. Let us help you find your new Arizona home. Call us today at 602-324-9625.