After tiptoeing the record line for the past six weeks, mortgage rates set a new record low this week. Credit it to whatever you want: President Obama winning the election, Jay Cutler getting concussed, or Thanksgiving coming around the corner. The fact of the matter is that the nationwide average for mortgage rates across the country has never been lower according to Freddie Mac’s weekly Primary Mortgage Market Survey.
Do you wake up every morning and feverishly check Freddie Mac’s website around 10:00 a.m. ET to see what happens with the nationwide average for mortgage rates like I do? I was asking some team members about that, and they’re convinced that I’m the only one in the country that does it – but I say nay. You could just head over here every Thursday to see my world-renowned analysis of Freddie Mac’s weekly Primary Mortgage Market Survey.
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.
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.
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.
After jumping for three weeks in a row, the national average for mortgage rates have dropped to match record lows according the Primary Mortgage Market Survey.
Keeping the status quo can be a good thing sometimes. For instance, the Detroit Red Wings haven’t changed their logo from the winged wheel since the 1948-1949 season, and no one seems to mind. You see, change isn’t always necessary, and it seems like mortgage rates realized it this week according to Freddie Mac’s Primary Mortgage Market Survey.