Rates moved sharply lower in the wake of the meeting of the Federal Reserve. For the week ending March 28, Freddie Mac announced 30-year fixed rates fell to 4.06% from 4.28% the week before. The average for 15-year loans decreased to 3.57% and the average for five-year adjustables remained at 3.75%. A year ago, 30-year fixed rates averaged 4.44%, over one third of a percent higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac: "The Federal Reserve's concern about the prospects for slowing economic growth caused investor jitters to drive down rates on home loans by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week's rate drop we expect a continued rise in purchase demand." Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
March 29, 2019
|
|
Daily Value
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Monthly Value
|
|
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March 28
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February
|
|
6-month Treasury Security
|
2.44%
|
2.50%
|
|
1-year Treasury Security
|
2.40%
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2.55%
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3-year Treasury Security
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2.18%
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2.48%
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5-year Treasury Security
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2.20%
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2.49%
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10-year Treasury Security
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2.39%
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2.68%
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12-month LIBOR
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|
2.865% (Feb)
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|
12-month MTA
|
|
2.446% (Feb)
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|
11th District Cost of Funds
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|
1.125% (Jan)
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|
Prime Rate
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|
5.50% (Dec)
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Ryan Mutter
Regional Sales Manager NMLS #615258
Fulton Bank
601 Thimble Shoals Blvd., Suite 102
Newport News, VA 23606
rmutter@fultonmortgagecompany.com
(757) 223-4345