The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
Seattle area home buyers have been feeling a little bit of love this recently, and it wasn’t just because of Valentine’s Day in February. February saw two straight weeks where the fixed rate on a 30-year mortgage remained unchanged from its historic low rate, according to a recent article in the Seattle Times.
The average U.S. rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows. The average rate on the 15-year mortgage also stayed the same. Low mortgage rates are helping to strengthen the housing recovery.
Mortgage buyer Freddie Mac said recently that the rate on the 30-year low stayed at 3.53%. That’s near the 3.31 percent reached in November, which was the lowest on record going back to 1971.
It’s good news for home buyers and Sammamish Mortgage clients! It’s a great time for buyers who are both new to the market, or buyers who might have been on the fence as they waited to for just the right moment and the best Seattle Mortgage Rates possible. Now just may be that time!
There are more good reasons to get a 30-year mortgage beyond the current phenomenal rates that you should also consider. For example, a 30-year mortgage is a good way to diversify your investments. Because shorter loans periods will require you to put more money into your home each month, you may have less to invest elsewhere.
For a young and growing Seattle family a 30-year mortgage is perfect for an investment in a family home. Not only does it show commitment to your future, it will also allow you some wiggle room each month in providing for your family and taking care of the unpredictable expenses that young families often run into. Sammamish is a family owned business, and we understand the challenges you face!
With the current rates, it’s a perfect time to consider a 30-year loan, and we want to help! You can contact us, anytime.