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3.59: Mortgage Rates Hit 21-Month Low

by Lark Turner

3.59: Mortgage Rates Hit 21-Month Low: Figure 1

Mortgage rates have dipped again after experiencing a brief upswing last week.

The average rate on a 30-year fixed-rate mortgage was 3.59 percent this week, according to Freddie Mac. That’s down from 3.66 last week and 4.32 percent a year ago. It is the lowest that rates have been since May 2013.

In a news release Len Kiefer, Freddie Mac’s deputy chief economist, attributed the downward movement to disappointing home sales news.

“Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December,” he said. “Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”

UrbanTurf is following the path of the rates in this chart:

3.59: Mortgage Rates Hit 21-Month Low: Figure 2

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.

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.59_mortgage_rates_head_south_again/9497

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