Mortgage Rates Drop

Dated: 12/10/2018

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Charlotte Real Estate Update

Mortgage rates fell during the week ending Dec. 6 after weeks of moderating, according to the Primary Mortgage Market Survey released by Freddie Mac.

“Mortgage rates declined this week amid a steep sell-off in US stocks,” Freddie Mac Chief Economist Sam Khater said. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”

The average rate for the 30-year fixed-rate mortgage fell to 4.75%, with an average 0.5 point, from 4.81%. The mortgage averaged 3.94% in the same period in 2017.

The 15-year fixed-rate mortgage averaged 4.21%, with an average 0.4 point, down from 4.25%. A year ago at this time, the mortgage averaged 3.36%.

Rates for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.07%, with an average 0.3 point, falling from its previous average of 4.12%. The 5-year ARM averaged 3.36% during the same week last year.

Source: MPA Magazine

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Chris Phillis

Since 2004, Chris has enjoyed assisting buyers in the home purchasing process. Explaining the particulars is something that comes natural to him. Chris has been passionate about real estate for as lon....

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