30-Year Mortgage Rate Reaches New Low for the Year

The Cary, North Carolina real estate market is entering their 'busy' season, as buyers are ready to purchase their dream home, and sellers are ready to show their properties! The 30-year fixed-rate mortgage averaged 4.21 percent this week, the lowest since November 2013, Freddie Mac reports in its weekly mortgage market survey.

"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,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for mortgage rates for the week ending May 8:

• 30-year fixed-rate mortgages: averaged 4.21 percent, with an average 0.6 point, dropping from last week’s 4.29 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
• 15-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.6 point, dropping from last week’s 3.38 percent average. A year ago, 15-year rates averaged 2.61 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.05 percent, with an average 0.5 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.58 percent.
• 1-year ARMs: averaged 2.43 percent, with an average 0.4, dropping from last week’s 2.45 percent. A year ago, 1-year ARMs averaged 2.53 percent.

If you are ready to find your dream home, start your home search by contacting Kevin Martini with DNJ Gateway Bank Mortgage to get a pre-approval letter. See how you can benefit from these low mortgage rates, and how much home you can afford!

Keller Williams Realty Cary, located at 201 Shannon Oaks Cir. #101, Cary, NC 27511 opened in 2003 and currently has 175 real estate agents who specialize in Residential, Commercial and Luxury properties. 

If you are interested in more information on the buying process, on becoming a real estate agent or on Keller Williams Realty, call Team Leader, Bill Middleton at 919-882-3229 or visit our website today!