It’s Time To Lock In A Mortgage Rate, Call Your Lender ASAP

Published On: May 23, 2019|Categories: Blog, Buyers, Jasper IN Real Estate, Mortgages|Tags: 30-year fixed mortgage interest rates, APR, interest rates, mortgage rates|

If you’ve been looking for a new home, don’t delay. This is an excellent time to lock in a mortgage rate. Last week, mortgage application volumes increased by 2.4 percent in just a week. Much of these are re-fi applications. They were up over 15 percent from that time in 2018. Mortgage applications made to actually purchase a home, not including re-fi applications, were 7 percent higher than a year ago.

Why the increase in people applying for a mortgage? Well, the average contract interest rate fell again. This is now the fourth week in a row that rates have fallen. They haven’t been this low since January of 2018.

Right now, a 30-Year Fixed-Rate VA loan is at a 3.875% interest rate with an APR of 4.186%. Meanwhile, a 30-Year Fixed Rate mortgage interest rate is 4.000% percent right now with a 4.094% APR.

Many are saying that we can thank lower interest rates on concerns over the China trade dispute. It had investors choosing safe-haven bonds, and this helped bring mortgage rates lower.

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