Last week, long-term mortgage rates dropped below 4 percent for the first time in over a year. On Thursday, they kept falling.
Freddie Mac reported 3.92 percent with an average 0.5 point as the average on a 30-year fixed-rate mortgage this morning, the lowest level for long-term rates since June 2013.
Interest rates have been uncharacteristically low for much of 2014, and continue to sit below 2013 levels, despite predictions that they would rise in a strengthening market. While rates have dropped about 50 basis points in the last six months, they aren’t much lower than they were a year ago when they sat at 4.13 percent.
Freddie Mac’s chief economist Frank Nothaft on this week’s rates:
Fixed mortgage rates continued to fall this week after the yield on 10 year Treasuries dropped to their lowest point of the year. Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August.
Here’s a look at the path of rates since January 2010:
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/3.92_mortage_rates_hit_lowest_level_of_the_year/9134
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