Rates have gone down a bit since last week. Additionally, the Fed has hinted they are rethinking the move to raise rates in June due to some bad economic data (and as we mentioned in our last blog post, while the Fed does not control rates, they can be a good indicator of where rates are headed).
Here are this week’s rates:
30-yr Fixed
Conventional: 3.625%* FHA/VA: 3.250%*
15-yr Fixed
Conventional: 3.000%* FHA/VA: 2.875%*
*These are the closest “par” rates for the different types of mortgages. They assume very good credit, sufficient equity, and the absence of other negative risk factors (e.g. property use, cash-out or not, loan amount, etc.). Different specific risk factors will affect interest rates.
