Mortgage Rates Still At Record Lows, Even in September
Borrowers with 700 credit scores were quoted an average rate of 3.578% to secure a 30-year fixed-rate purchase mortgage on Thursday, according to Money’s daily survey of over 8,000 lenders across the United States. Last September, the average mortgage rate (including fees) was 3.922%.
Got great credit? Now’s the time to use it! Mortgage rates continue to be competitive and have continued to set several record lows over the last few months into September, as reported by Sam Khater, Freddie Mac’s Chief Economist.
High demand and low housing supply are expected to continue pushing home prices higher throughout the rest of the year. If you’re ready to get a mortgage, don’t just accept the first offer you’re given. Rather, shop around with different mortgage lenders to see what offers you’re eligible for. Remember, too, that the lower your closing costs, the more savings you’ll reap, so look at the big picture before locking yourself in.