Mortgage rates fell this week at the start of spring home-buying season.

March 22, 2013 By mrwilliamsburg

After a few weeks of upward movement, mortgage rates reversed course this week, according to the latest data released by Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.54 percent, down from 3.63 percent last week. Last year, the rate was an average of 4.08 percent.

The 15-year, fixed-rate mortgage average also dropped. It fell to 2.72 percent, down from 2.79 percent last week.

Since climbing above 3.5 percent in late January, the 30-year fixed rate had held steady or increased in every week but one.

“Low and stable inflation is placing downward pressure on fixed mortgage rates,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. ”

Nothaft said that Freddie Mac expects mortgage rates to remain below 4 percent through this year. (2013)

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About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attended Lafayette High School ,Hornsby Middle School and DJ Montague and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with friends family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136