Chicago, IL (PRWEB) December 16, 2013
After several economic reports were released over the last few weeks, including the November jobs report, signs that the economy was continuing to grow stronger prompted mortgage rates to unexpectedly fall slightly. The Federal Savings Bank encourages homeowners to take this opportunity to refinance or apply for a purchase loan.
Freddie Mac announced that interest rates for a 30-year fixed rate mortgage dropped to 4.42 percent, down from the previous week's average of 4.46 percent. Mortgage rates were nearing an average of 4.6 percent only two weeks earlier.
"Mortgage rates were little changed amid a light week of economic data releases," said Freddie Mac Chief Economist Frank Nothaft. "Of the few releases, total nonfarm payroll employment rose by 203,000 in November and the unemployment rate declined to 7 percent."
The average rate for a 15-year fixed mortgage also declined during the same week, reaching 3.43 percent. The rate averaged 3.47 percent the previous week. Nothaft also noted that mortgage activity appeared to be picking up for single-family properties. “Despite the winter season, we are seeing a steady amount of traffic in mortgage applications,” says Nick, a banker at The Federal Savings Bank. “Housing Demand remains strong due to tight inventories and the steady stream of mortgage applications is believed to be directly related to pending taping of Fed policy regarding QE3. Individuals with a current home loan should seriously consider now as the time to refinance before rate continue higher.”
Indeed, based on the recent decline in mortgage rate The Federal Savings Bank encourages home buyers find out apply now for a home loan before rates may accelerate their continue rise. The lender’s website easily informs user how easy it is to get pre-approved for a mortgage.
Visit the FederalSavingsBank.com, a veteran owned lender, to find out more about affordable mortgages options.