Latest posts by Gea Elika (see all)
- Due Diligence for NYC Real Estate Purchases - March 20, 2018
- 10 Things to Know about Buying Investment Properties in NYC - March 17, 2018
- Favorite Foodie Finds in NYC - March 15, 2018
Freddie Mac announced on Friday that the average 30- and 15-year fixed-rate mortgages are now at their lowest since 1971, when the mortgage finance company started releasing their weekly surveys. The 30-year fixed-rate reached an average of 4.71 percent, compared to 5.53 percent this time last year. The 15-year fixed-rate, which set a record low the week prior, fell to 4.27 percent, compared to 5.77 percent this time last year.
ARMs have also fallen: one-year Treasury-indexed average ARMs dropped to 4.25 percent, the lowest in four years. The five-year hybrids, however, rose from the previous week to 4.19 percent, which is still significantly off the 5.77 percent this time last year. While the low rates make mortgages cheaper, it remains to be seen what overall effect they will have on residential real estate markets, since the tightening of credit continues.