Mortgage Rates in the 4’s Spurring New Home Sales – Find your new home at The Gates at King Springs in Smyrna
Many prospective homebuyers have been sitting on the fence to see where mortgage rates would go and if they would drop way down. You can get off the fence because mortgage rates are now in the 4’s with today’s rate being between 3.5% for a 15-year fixed loan and at 4.00% for a 30-year fixed loan according to BankRate.com .
The demand for purchase mortgage applications grew higher as interest rates remain flat, Freddie Mac revealed in its latest Primary Mortgage Market Survey. The survey showed that the 30-year fixed-rate mortgage averaged 4.08% last week, up from 4.06% the week before. However, it is much lower compared to 2018’s rate of 4.4%. Purchase mortgage applications demand rose to their second highest weekly increase over the past year due to an upsurge in refinance activity, according to Freddie Mac Chief Economist, Sam Khater. Overall, mortgage demand climbed to the highest level since the third quarter of 2016.
So now is a great time to put that new townhome under contract for late spring or summer move-in dates. Stop by The Gates at King Springs and tour their model home.