Your realtors in Chino Hills, CA want to keep you informed on the current 30-year fixed mortgage rate.
When we talk about mortgage rates, our go-to is generally the 30-year fixed rate mortgage. The longevity and consistency of this mortgage product makes it a great option for families who want to make their housing as affordable as possible while still steadily building equity.
Good news for families who haven’t yet bought their homes but are hoping to with this mortgage product! The rates for 30-year fixed mortgages dropped six points during the week leading up to October 20th, down to 3.59 percent on average. This dip was thanks to some recently released economic data that wasn’t as strong as anticipated.
If you’re hoping to buy while mortgage rates stay low, experts say this is the time. Most are projecting that rates will begin to adjust upward and continue to climb into 2016.
30-year fixed rate mortgages aren’t the only ones at lows right now. The rates for a 15-year fixed mortgage was 2.77 percent, and the 5/1 ARM rate was 2.69 percent, on average.
Are you interested in buying a home while 30-year fixed mortgage rates are low, don’t wait to contact John & Michelle. As your Chino Hills, CA realtors, we’re committed to helping you find a home while mortgage rates are making homeownership affordable. We want to help you capitalize on this rare opportunity to get such low rates on your California home while it lasts; call us today!