Interest rates went further below the 4-percent mark this week, making it the third week in a row they have declined.
Freddie Mac reported that a 30-year fixed-rate mortgage averaged 3.91 percent with a 0.6 point this week. This marks a return to where rates were two months ago in early June. This time last year rates were at 4.14 percent.
Sean Becketti, chief economist with Freddie Mac, blamed the decline on low employment rates that are predicted for the month of July:
“All eyes are on the upcoming July employment report, as the Fed has made it clear developments in the labor market will affect the timing of any potential rate hike,” he said. “But early signals indicate Friday’s employment report will not look so good… Uncertainty about the economy helped drive down Treasury yields early in the week, and thus mortgage rates fell 7 basis points to 3.91 percent, the lowest level since June 4th.”
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 https://dc.urbanturf.com/articles/blog/3.91_rates_remain_below_4/10215.
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