Mortgage Rate Update From Gary Simmens on 04-17-2020

Dated: 04/17/2020

Views: 184

30 year payout rate is down some.  You can see the 15 year slightly went up.

Probably due to high demand on refinancing.  Stay Safe!  Gary.

04/16/20
(most recent)

Average
Rate

Points
& Fees

Margin

 30-Year Fixed Rate

3.31%

0.7

N/A

 15-Year Fixed Rate

2.80%

0.7

N/A

 5/1-Year ARM

3.34%

0.3

2.75

04/09/20
(previous week)

Average
Rate

Points
& Fees

Margin

 30-Year Fixed Rate

3.33%

0.7

N/A

 15-Year Fixed Rate

2.77%

0.6

N/A

 5/1-Year ARM

3.40%

0.3

2.75

“Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening. While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration.”

– Sam Khater, Chief Economist, Freddie Mac

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Gary Simmens

Licensed since 18 years young, and a broker honors in NJ since his early 20`s, Gary has now, over 44 years experience, diversified in all aspects in real estate, including owning two offices and ma....

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