This morning, Freddie Mac reported 3.41 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.43 percent, and have now dropped for three weeks in a row.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at http://dc.urbanturf.com/articles/blog/3.41_rates_drop_slightly/6949
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