Mortgage Rates Continue to Fall

Mortgage Rates

The latest real estate data from The Mortgage Bankers Association (MBA) reports that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to its lowest level since April 2015, 3.83%, from 3.91%.

January 2016 mortgage applications for new home purchases increased by 14% from December 2015 as well.

Here’s a breakdown of mortgages by type:

Conventional loans composed 67.4%
FHA loans composed 19.5%
RHS/USDA loans composed 0.7%
VA loans composed 12.4%.

The average loan size of new homes decreased from $333,182 in December to $325,806 in January.

As spring approaches, many prospective home buyers begin preparing to attend open houses. Studies show that most home buyers aren’t as eager to house hunt in cold weather as they are during the spring, so here’s a look at how mortgage rates are shaping up.

First Community Mortgage of Franklin reports that the current rate for a 30 year fixed mortgage is down .07% from last week.

mortgage calculator

Some of the latest, local mortgage rates according to Bankrate.com are:

Bank Rate
Regions 3.905%
Wilson Bank & Trust 3.648%
Pinnacle National Bank 3.900%
Citizens Bank 3.779%
First South 3.646%

* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $260,000. Rates change often an your personal rate may differ from the above number based on your qualifications. To see more rates from Bankrate, click here.

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