Long-term interest rates hit their lowest level in three months, reported Freddie Mac on Thursday.
A 30-year fixed-rate mortgage averaged 3.84 percent with an average 0.6 point this week. It’s a slight drop from last week’s 3.93 percent and also marks the fifth week that rates have been under 4 percent. Rates haven’t been this low since May.
Sean Becketti, chief economist with Freddie Mac, said that continued unease in China contributed to the drop and may result rate fluctuations for a time as international markets level out.
“Given the recent volatility, mortgage rates could change up or down significantly by the time this report is released,” he said in a statement for Freddie Mac’s release.“There are indications though that the unsettled state of global markets will make the Fed think twice before taking any action on short-term interest rates in September. If that’s the case, the 30-year mortgage rate may remain subdued in the short-to-medium term, providing support for continued strength in the housing sector.”
UrbanTurf is following the trajectory of 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/3.84_rates_stay_below_4_percent_for_more_than_a_month/10295
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