Memorial Day Weekend is Great Time for Low Mortgage Rates
In addition to poolside barbeques and a trip to the cottage, potential homebuyers might want to add home shopping to their list of things to do this Memorial Day weekend. Right now, some of the lowest mortgage rates are being offered for prospective home buyers as well as those considering refinancing. The unstable financial market overseas continues to keep U.S. mortgage rates at a significant low, and the future rates are somewhat unpredictable, so if you’re looking to buy or refinance, now is definitely the time.
In addition, personal income met expectations as personal spending was lighter than expected last month, however inflation remained within a safe comfort zone. The decrease in personal spending might cause concern for some, but wages and salaries are improving which is encouraging. The average rate for 30-year fixed-rate loans is 4.84 percent, which is one of the lowest it has been this year. Rates on 15-year fixed-rate loans are at 4.24 percent and five-year adjustable rate mortgages are at their historic low, 4.3 percent. A larger amount of home buyers will be more likely to afford these low rates. April sales reflected a strong example of tax credit relief as home sales increased substantially. Potential home buyers can add some extra ease to their three-day Memorial Day weekend knowing rates are at all-time and historic lows. However, they should act quickly as it’s difficult to foresee how the rates will fluctuate after this weekend.