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- UPDATED: June 1st, 2018 -
Mortgage interest rates rose to their highest levels in over 7 years during May, topping out around 4.66% on a 30-year fixed mortgage.
Just last week rates fell back slightly to 4.56%, however. Freddie Mac's chief economist said the "decline was driven by recent trade and geopolitical issues, which led to a sudden decrease in long-term Treasury yields."
Home buyers should be cautious to not interpret this slight decline in mortgage rates as a signal that climbing rates will slow anytime soon. There appears to be plenty of headwind and calculation by the Fed to continue moving forward with their goal of higher rates, to stem or ward off inflationary concerns.
As we head into the second half of the year, upward moves in short and long term rates appear to be most likely, around the months of September and December, 2018. See market report link, BELOW.
CURRENT MORTGAGE INTEREST RATES
30 yr FHA - 4.42%
30 yr Conv - 4.63%
15 yr - 4.07%
Jumbo - 4.69%
Till next month,
Not all borrowers will receive the same mortgage interest rate. Rates can vary significantly according to loan type, down payment, credit score, length or term of loan, down-payment assistance programs or subsidies, and so forth.
The long term expectation is for interest rates to rise. Don't take our low mortgage interest rates for granted. If you're financing a home right now, my best advice is to "lock-in" these historical low rates, rather than gamble. It's alwasys better be safe than sorry!
If you're in the market for a home this year, allow us to help you find the right lender and loan program, and help you take advantage of our very reasonable and low mortgage interest rates. Today’s rates are still quite a bargain!
Michael Dagner is an expert in Denver-Area home sales.
Call today, (303) 514-4000, for help with your home sale or purchase.
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The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
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