Do You Remember 18% Mortgage Rates?

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We’re spoiled!  During Jimmy Carter’s presidency home mortgage rates hit 18%!  But people still bought houses.  I know, because I was selling real estate back then (please don’t do the math!).  Interest rates today are still hovering near historic lows so this is still a great time to buy a home.  In the second week of January 2019, U.S. long-term mortgage rates held steady at 4.45%, only slightly higher than the rate of 4.04% one year ago.   As a result, mortgage applications jumped 13.5 percent in the week ended Jan. 11 from a week earlier, reaching their highest level since February 2018, according to the Mortgage Bankers Association.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages declined this week to 0.4 point from 0.5 point. The fee on 15-year mortgages held steady at 0.4 point.

The average rate for five-year adjustable-rate mortgages rose to 3.87 percent from 3.83 percent last week. The fee was unchanged at 0.3 point.

Read the Original Article Here: Mortgage rates steady: 30-year at 4.45% for second week

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