Mortgage Rates drop to 3.66%

The 30-year national average mortgage rate, as reported by Freddie Mac,  started 2014 at 4.5% with forecasts that by year end the rate would reach over 5%. For a number of reasons, which I will go into again more fully in my post this coming Saturday, the rate in January 2014 was the highest for the year and ended 2014 at 3.87%.
This year the slide has continued with the rate reaching 3.66% this week, the lowest level since May 2013 and not far from the record low of 3.31%. The decline in rates seems likely to trigger renewed buying interest and may shorten the traditionally quiet winter market.

Source: Freddie Mac

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty

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