Mortgage Rates Drop and Availability to Get Credit Rises
Good news if you are in the market for a new home! Fixed mortgage rates dropped for the first time since Election Day. According to Freddie Mac's Primary Mortgage Market Survey (PMMS), the 30-year fixed mortgage rate averaged 4.20 percent for the week ending Jan. 5. The 15-year FRM dropped to 3.44 percent.
The Mortgage Credit Availability Index (MCAI) saw a 0.6 percent uptick in December. This is up for four consecutive months, more good news for home buyers.
All this means you can get more home if you buy now while rates are low.
Contact a Legend Home Sales Counselor to find out exactly what this means for you and your ability to buy a new home now.