Freddie Mac published data on Thursday reflecting the decline in mortgage interest rates to a seven-week low amid economic uncertainty.

The 30-year fixed-rate averaged 3.89% while the 15-year fixed-rate mortgage averaged 3.16%.

It’s possible that mortgage rates could continue to hold at low levels in the near term.

The major factors that determine what interest rate a borrower ultimately receives include but aren’t limited to credit score, loan-to-value amount and property type.

I always ensure that my clients understand how mortgage interest rates work. There is a misconception that you can only obtain the interest rate that the lender offers you. In many cases you can buy down the interest to lower it or take a higher rate to obtain a lender credit that can help alleviate some of the burden of bringing in cash to close your loan.

In any case, it is important to consult with a mortgage expert on what interest rate scenario makes the most sense for your home purchase or refinance scenario.

Please let me know if you have any questions and I’d be happy to help!

Contact me via phone at (425) 610-8366 or email at brandon@knoxmortgageteam.com