Mortgage News – Sept 29, 2017

The Federal Open Market Committee (FOMC)chose to maintain the target range of federal fund rates at 1% to 1.25%.

Although we are still in a competitive market, we may finally see a decline in bidding wars.

For the first time in 7 weeks, the average 30-year fixed mortgage rates increased from an average of 3.78% to 3.83%.

Although rates have gone up, they’re still at a historic low. Freddie’s average rate was 8.1% in the year 2000.

This hike in mortgage rates is the 5th one since December of 2015.

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Mortgage Rates – 9/21/2017

CONVENTIONAL
30 Yr 3.875 to 4 APR 4.12
15 Yr 3.125 to 3.375 APR 3.425

ARMS
5 Yr 3.125 to 3.375 APR 3.61
7 Yr 3.25 to 3.75 APR 3.78

FHA/VA
30 Yr 3.5 APR 3.62
15 Yr 3.125 APR 3.12

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