Mortgage rates have hit the 2016 low nationwide! Freddie Mac recently released their Primary Mortgage Market Survey® (PMMS®). The data showed that after rising for three consecutive weeks average fixed mortgage rates declined for the week ending August 4, 2016!


5-, 15-, and 30- year mortgage rates all experienced 5 basis point declines from the previous week!


The 5 year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had a 2.73% average the week ending August 4th. During this week in 2015, the 5 year ARM was at 2.94%.


The 15 year fixed-rate mortgage (FRM) for the week averaged 2.74%. This is a marked decline from the 3.13% average at this time last year.


The 30 year FRM averaged 3.43%. At this time in 2015, the 30 year FRM was even higher at 3.91%.


With these low rates, refinance activity has increased by 55% since last year according to Mortgage Bankers Association’s latest Weekly Applications Survey.


Now is the perfect time to take advantage of these low mortgage rates by purchasing your dream home in the Venice Area!!! Current Featured Homes for Sale in the Venice Area. Mortgage rates in the Suncoast have followed the national trend and are at their year low. Here are the local mortgage rates....5 year ARM averaged at 3.04%, 15 year FRM was at a low of 2.84%, and the 30 year FRM is at 3.56%. Let us help you with all your home financing questions. Check out our Home Finance Information.


If you're interested in Buying or Investing in the Venice area, give The Nick Flerlage Team a call or visit our website at: www.experiencevenice.com.

 

Resource: RISMedia