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Long-Term Mortgage Rates Drop Slightly

by Tianna Mañón

Long-Term Mortgage Rates Drop Slightly: Figure 1

Freddie Mac reported Thursday that a 30-year fixed-rate mortgage averaged 3.76 percent with an average of 0.6 point.

The rate dropped ever sol slightly from last week’s reported rate of 3.79 percent. It’s markedly lower than the 3.98 percent rate seen at this time last year, and rates have now been below 4 percent for over three months.

“Treasury yields oscillated without a clear direction heading into the October FOMC meeting, as investors were confident there would be no rate increase,” said Sean Becketti, chief economist with Freddie Mac. “The 30-year mortgage rate was little changed, declining just 3 basis points to 3.76 percent this week. While the FOMC left rates unchanged at this meeting, they kept a December rate hike as an option causing Treasuries to sell off in the latter part of the day, after our survey closed.”

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/3.76_small_drop_in_rates/10524

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