Good news! Right before the Labor Day weekend, rates on 30-year mortgages fell for the second straight week, declining to the lowest level in more than a month.

On August 28 Freddie Mac, the mortgage company, reported that 30-year, fixed-rate mortgages averaged 6.40% for the week, down from 6.47% a week earlier. The rate was the lowest since the week of July 17 when 30-year mortgages were at 6.26%.

 

The Freddie Mac survey also showed that other mortgage rates were mixed during the week.  Rates on 15-year, fixed-rate—a popular choice for refinancing, fell to 5.93% from 6%.  Rates on five-year, adjustable mortgages averaged 6.03%, up slightly from 5.99%.  Rates on one-year, adjustable-rate mortgages also edged up slightly to 5.33%, from 5.29%.

 

A year ago, rates on 30-year mortgages stood at 6.67%, 15-year mortgage rates averaged 6.12%, five-year adjustable-rate mortgages were at

6.35%,  and one-year adjustable-rate mortgages stood at 5.84%.

 

While mortgage rates remain attractively low and there continues to be a surplus of homes on the market, now is a great time to purchase a home in Greenville, NC.  The Pistol Tingen Team is always available to assist with your real estate needs at (252) 321-6161.