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
Most Popular... This Week • Last 30 Days • Ever
Approximately 16,550 units delivered in DC between January 2019 and August 2021.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
This year will likely go down as the year that prices for houses in DC reached new he... read »
Dubbed OZMA, the 13-story project will include roughly 7,900 square feet of ground fl... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro