Up, then down. North, then south. Higher, then lower. These opposites can be applicable to many things in life. The temperature in Michigan. My daily blood pressure. More relatable, however, is that these terms perfectly describe what has been going on with the nationwide average for mortgage rates according to Freddie Mac’s weekly Primary Mortgage Market Survey.
It’s Thursday afternoon, so you know what that means – it’s time for this week’s expert and genius analysis of Freddie Mac’s weekly Primary Mortgage Market Survey. On a scale of one to elementary school student finding out that there’s a snow day, I’m sure you’re probably sitting toward the latter. What happened to our lovely mortgage rates this week? Is this week a better time to refinance than last week? Who knows? You’ll never know until you read on, so let’s take a look at this week’s numbers for nationwide averages.
If you’re a local restaurant or bar owner in either San Francisco or Detroit, you’re probably just as happy as the players and coaches that made it to the World Series, because you’re about to see an unbelievable surge in business over the next 10 days. Just by taking a look at the possible economic impact in Detroit, my eyes instantly turned into dollar signs, and I’m not even a business owner.
I love this time of the year. The leaves are changing colors in Michigan, football season is roaring away, and in three weeks, we’ll no longer be subjected to all of these political commercials when the people pick the next president of the United States of America. However, the month of October means one thing and one thing only to most people: Halloween candy.
Most homebuyers seem to flock to the 30-year fixed-rate mortgage, but what about those homebuyers who don’t plan on staying in their home for that long? That’s where the 15-year fixed-rate mortgage comes in to play, and the good news is that according to Freddie Mac’s weekly Primary Mortgage Market Survey, the nationwide average for a 15-year fixed-rate mortgage has never been lower.
In a surprising twist of events today, mortgage rates ticked up a little bit from last week’s record lows. After dropping consistently for five straight weeks, the nationwide average for mortgage rates decided to change their course and head due north according to Freddie Mac’s weekly Primary Mortgage Market Survey.
The impossible happened this morning. I’m not talking about Miguel Cabrera winning the Triple Crown (you know I had to throw that in there) or me winning my fantasy baseball league (this one was definitely unexpected). I’m talking about mortgage rates taking yet another drop and setting new record lows across the board this week, continuing a three-week long free fall.
If you remember correctly, last time we talked about Europe, the whole region was pretty much an economic war zone. Some countries were receiving multibillion-euro bailouts, some countries were begging for multibillion-euro bailouts, and some countries were just hanging out on the outskirts thinking to themselves, “Man, we’re lucky to not be in this mess.” But, where are they now?
Wow. If I could sum up my reaction to this week’s Primary Mortgage Market Survey from Freddie Mac into a one word it would be “shocked.” Better yet, I’m thinking more along the lines of “flabbergasted.” That’s it – I was flabbergasted when I saw today’s numbers and noticed that the nationwide average for mortgage rates dropped all across the board.
The leaves are falling, the kids are chowing down on apples, and everyone is trying to drink as much cider as humanly possible. This time of the year is great for a lot of things: spending time with family, playing some football in the front yard, enjoying the playoff hunt for baseball, and buying a house.