With the Federal Reserve planning to hike rates later this year, buyers should enjoy the low rates while they last. As of late August, the average mortgage rate nationally for the purchase of an existing home was percent.
The lucrative mortgage refinancing market has weakened in the previous year due to growing mortgage rates, with the average fixed rate for thirty-year mortgages increasing to after it fell in May last year to near-historic lows.
The fixed mortgage rate dropped to its lowest mark since November according to the Primary Mortgage Market Survey® (PMMS®), released today by Freddie Mac.
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