3.59: Mortgage Rates Hit 2016 Lows

• April 7, 2016

by UrbanTurf Staff

If you were waiting to jump into the home buying market until mortgage rates fell, news out today might persuade you to get off the fence.

The average rate on a 30-year fixed-rate mortgage was 3.59 percent this week, according to Freddie Mac. That’s down from 3.71 percent last week and 3.66 percent a year ago. It is the lowest that rates have been since February 2015.

“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” Freddie Mac’s Sean Becketti said. “This rate marks a new low for 2016 and matches last year’s low in February 2015. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

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

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/3.59_mortgage_rates_hit_2016_lows/11081