According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018! This is exciting news for our Idaho Falls Community and those who are wanting to take that next step into home ownership!
Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.
Freddie Mac’s Chief Economist, Sam Khater, had this to say:
“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.
Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”
Bottom Line
If you plan on buying a home in the Idaho Falls area this spring, meet with Cindy Bates or Shalan Hyde of the Cindy Bates Group your local real estate professionals who can help prepare you for today’s market before rates increase!