Mortgage rates dropped this week as the housing market heads toward spring buying season, Freddie Mac said Thursday.
The average rate on a 30-year fixed-rate mortgage was 3.78 percent with an average 0.6 point this week, according to Freddie Mac. That’s down from 3.86 last week and 4.32 percent a year ago. Rates had risen last week on a strong job report, but have stayed below 4 percent since last fall.
In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said some weak housing reports had contributed to the slight rate decrease.
“The average 30-year fixed mortgage rate fell to 3.78 percent this week following mixed housing data. Housing starts dropped 17 percent to a seasonally adjusted pace of 897,000 units, below market expectations,” he said. “However, housing permits increased 3 percent in February. As we head into spring, home builders remain positive about home sales in the near future, although the NAHB Housing Market Index dropped another 2 points to 53 in March.”
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 http://dc.urbanturf.com/articles/blog/3.78_mortgage_rates_dip_down_for_spring/9663
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