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October 2016 Mortgage Interest Rates
- originally posted October 1, 2016 -
Mortgage interest rates remained essentially 'unchanged' or flat over the last 30 days, and they continue to hover near all-time record lows. The 30-year fixed-rate mortgage is averaging 3.4%, while the FHA rate was closer to 3.25%. The 15-year conv fixed is currently hovering around 2.75%.
There hasn't been much economic data to compel the Federal Reserve to raise rates. During their mid-September meeting, the central bank held off on raising rates and deferred to the status quo. Its next meeting is in early November just before the election. Given that the Fed tries to avoid making any policy or rate changes that may have political implications, its now unlikely that rates will rise through at least December of this year.
Till next month,
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir