Mortgage Rates 10-30-17

By Joy Green Updated on 10/30/2017

Even with the fall in interest rates, reduction in the national unemployment rate and the cost of rent steady increasing you would imagine first time home buyers flooding the market. Unfortunately, with the fast appreciation of home prices and reduction of available homes many first-time home buyers are finding it difficult to buy into the American dream. In the NAR annual profile of homebuyers and sellers, for 2017 they identified the share of first-time buyers dropped to 34% of homebuyers from 35% in 2016. Furthermore, the report states the average share has been 39% for the past 36 years. This downtrend is due in part to inventory shortages, multiple offers and first-time home buyers being pushed out by cash paying investors and climbing home prices. If you're looking for a surge of first-time home ownership in the near future, according to Lawrence Yun, NAR chief economist, "the unfortunate reality is that the nation's homeownership rate will remain suppressed until entry-level supply conditions increase enough to improve overall affordability."

 

Bookmark this page for mortgage rates:

 

• 30 year (FRM) rates at 4.02% (-0.04%)
• 15 year (FRM) rates at 3.31% (-0.03%)
• FHA 30 year Fixed rates at 3.70% (-0.05%)
• Jumbo 30 year Fixed rates at 4.21% (-0.03%)
• 5/1 ARM rates at 3.20% (-0.02%)