Once again proving predictions for rising mortgage rates wrong, the average fixed rate 30-year mortgage dropped to 3.89 percent with an average 0.5 point on Thursday, Freddie Mac reported.
That’s as low as rates have been since May 2013. A year ago, rates were averaging 4.46 percent. They’ve been hovering around 4 percent since mid-October.
In a release, Freddie Mac’s Frank Nothaft said the low rates were due to “underwhelming economic releases” from the past week:
“New home sales missed consensus expectations by selling at an annual pace of 458,000 units in October and the National Association of Realtors reported that pending home sales dipped in October by 1.1 percent. The ADP’s estimate for payroll growth in November was 208,000 jobs, under expectations of 225,000.”
UrbanTurf is following the path of the rates here:
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/3.89_mortgage_rates_reach_lowest_level_since_may_2013/9293
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