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3.65%: Mortgage Rates Move Down a Bit

by UrbanTurf Staff

3.65%: Mortgage Rates Move Down a Bit: Figure 1

Mortgage rates moved down slightly on Thursday, with Freddie Mac reporting 3.65 percent with an average 0.6 point on an average fixed rate 30-year mortgage. A year ago at this time rates were 4.33 percent.

Len Kiefer, Freddie Mac’s deputy chief economist, on the drop in rates:

“Mortgage rates fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013.”

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

3.65%: Mortgage Rates Move Down a Bit: 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.

This article originally published at https://dc.urbanturf.com/articles/blog/3.65_mortgage_rates_move_down_a_bit/9802

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