Now is a great time to buy a home, especially if you have been thinking of Living on the Orange Line. Freddie Mac announced last week that the average rate for a 30 year fixed rate mortgage remains below 4%, well below rates from a year ago. The average rate last week was at 3.93%, up slightly from the week prior which was at 3.89%. A similar change was reported for 15 year loans as well, with the average 15 year fixed rate mortgage at 3.20%, up from 3.10% the week before.
The slight increase in these rates is reflective of a positive jobs report, according to Freddie Mac. The report showed non-farming jobs increased by 321,000 new jobs across the nation in November. This was 91,000 more than anticipated, and raised the confidence of investors. Even with this small increase however, we are within a 19 month low for interest rates on 30 year loans. This equates to a better time for buying a new home.
If you are a first time home buyer, you may have even better news, as both Freddie Mac and Fannie Mae announced new guidelines to provide qualified borrowers with a mortgage based on a down payment as low as 3%. This new option is being offered to credit worthy first time home buyers who will live at the address connected to the mortgage and have a credit score of 620 or greater.
If you are ready to buy a home, there is a lot to navigate and negotiate throughout the whole process. Myself, and the Orange Line Living team are here to help you with our unique and specialized services so you can turn your home dreams into reality. To learn more about how we can help you, contact us directly at 571-969-7653 or at [email protected].