Mortgage rates edged lower this week, Spring Homebuying season is off to a good start
March 24, 2017
Mortgage rates edged lower this week due to some uncertainty surrounding the healthcare reform act vote on Capitol Hill this week. Freddie Mac reported that the 30-year fixed conventional mortgage rate fell to 4.23% this week from 4.30% in the previous week. The rate does come with an additional 0.5 in points and fees. This week’s decline was the largest week-over-week decline in two months and rates remain just above historical lows.
The Mortgage Bankers Association (MBA )reported this week that the spring homebuying season is off to a good start due in part to strong employment numbers. The MBA that applications to purchase new homes jumped 16% in February from January rising to 51,000 from 44,000. The average loan size for new homes rose to $330,860 to $330,208 month over month. The MBA stated that lower inventories and high demand make could make 2017 a sellers market.