30-Year Mortgage Interest Rate Lowest In 2 Years

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If you’re planning on refinancing your home loan, or purchasing a new Bend Oregon Home, the good news for you is that 30-year fixed mortgage rates have continued to ease and we are now going into the second straight week where they have eased to their lowest level since late 2013.

30-Year Fixed Mortgage Rates

If you’ve been thinking about a 30-year fixed mortgage loan, the interest rate on this mortgage loan has dropped to 4.21% from just 4.29% the week before.

Although the mortgage interest rate for a 30-year fixed mortgage loan was 3.42% last year it’s still historically low when you consider where it has been in the spring time over the last 30 years.

Bad GDP Means Good News for Homeowners

In a recent interview Frank Nothaft, Freddie Mac’s vice president and chief economist said: “Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter”.

Although the economic news may sound bad, Nothaft also went on to point out that close to 300,000 jobs were added in April 2014 and the nationwide unemployment rate fell to just 6.3% so the economy is still continuing to improve.

15-Year Mortgage Rates

Besides the drop in 30-year fixed mortgage interest rates there has also been a drop in 15-year fixed mortgage interest rates to 3.32% from 3.38% the week before.

Hybrid adjustable rate mortgages remained unchanged in the last few weeks and the current interest rate for the five year ARM sits at 3.05% while the interest rate for the one year adjustable rate mortgage sits at 2.43%.

Mortgage analysts and economists predict that mortgage interest rates will hold steady in the coming days so if you’re planning on buying, or refinancing your current mortgage, now would be a good time, because doing so could save you thousands over the lifetime of your mortgage loan.

For all of your Real Estate needs contact me today by calling (541) 383-1426.

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