Long-term mortgage rates remained below 4 percent for the tenth week in a row this week.
Freddie Mac reported that a 30-year fixed-rate mortgage averaged 3.85 percent with a 0.6 point on Thursday. This is an incremental .01 percent drop from last week’s 3.86 percent. Last year, rates averaged 4.19 percent.
“In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week,” Freddie Mac’s Sean Becketti said. “As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent.”
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.
See other articles related to: mortgage rates
This article originally published at http://dc.urbanturf.com/articles/blog/3.85_mortgage_rates_stay_pretty_constant/10402
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