Mortgage rates on a 30 year fixed rate mortgage fell last week to 4.17%, according to mortgage giant Freddie Mac. Although these rates are not the lowest seen this year, the rates do remain low and provide a welcome boost to the housing market.
Freddie Mac collects mortgage rates from lenders across the country weekly, Monday through Wednesday. As rates are so closely tied in with long term treasury bonds, the rates are capable of fluctuating significantly, even on a given day.
Smaller lenders are beginning to offer mortgage pre-approvals once again in this competitive market. A pre-approval adds more certainty to a real estate deal, it doesn't always guarantee that a bank will provide a loan but it does come close.
According to Norman T. Koenigsberg from First Choice Loan Services in Morganville, NJ, "It essentially affords borrowers the ability to shop as a cash buyer."
Pre-approval requests currently make up nearly 57% of all requests received at NEFCU, a credit union on Long Island.
