Update on the Mortgage Rates

Weak retail sales have scared the market making mortgage rates fall. This means the first interest rate hike is still a few months away. The mortgage rate for a 30-year fixed rate fell to a 3.91 percent; which is actually down 4 points from this time last week.

They dipped a bit early in the week and then hung out around 3.89 until settling on 3.91. The 15-year fixed mortgage rate is at 3.03 percent, and the 5/1 ARMS is at 2.89 percent.

Another mortgage rate update will come sometime next week. It’s still a good time to buy if you are teetering on the fence.

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