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3.43%: Mortgage Rates Drop Slightly

by UrbanTurf Staff

3.43%: Mortgage Rates Drop Slightly: Figure 1

Long-term mortgage rates inched down this week as Freddie Mac predicted that rates would remain below 4 percent through 2017.

Freddie Mac reported that 30-year fixed-rate mortgages averaged 3.43 percent with an average 0.5 point, down two basis points from last week.

“The 30-year fixed-rate mortgage fell 2 basis points to 3.43 percent this week, erasing last week’s uptick,” Freddie Mac’s Sean Becketti said in a statement. “For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent. Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”

In its August outlook published Monday, Freddie Mac projected that long-term rates would remain below 4 percent for the rest of 2016 and 2017.

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/3.43_mortgage_rates_drop_slightly/11576

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