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3.54%: Mortgage Rates Fall to Lowest Level in Three Years

by UrbanTurf Staff

3.54%: Mortgage Rates Fall to Lowest Level in Three Years: Figure 1

It happened back in May, and it happened again on Thursday: long-term mortgage rates dropped to their lowest level in three years.

The average rate on a 30-year fixed-rate mortgage was 3.54 percent this week, according to Freddie Mac. That’s down from 3.60 percent last week and 4 percent a year ago.

“The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed’s June meeting drove investors to the safety of government bonds,” Freddie Mac’s Sean Becketti said. “The 30-year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent — yet another low for 2016.”

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 https://dc.urbanturf.com/articles/blog/3.54_mortgage_rates_fall_to_lowest_level_in_three_years/11365

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