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3.93: Interest Rates Remain Constant

by Tianna Mañón

3.93: Interest Rates Remain Constant: Figure 1

Mortgage rates have been hovering around 3.9 percent for the past month, and this week continues the trend.

Freddie Mac reported today that the average 30-year fixed-rate mortgage was 3.93 percent with an average 0.6 point this week. The last time this rate was seen was December of last year. The last time interest rates were above 4 percent was late July.

“There was little movement in financial markets this week as the 30-year fixed mortgage rate remained steady, dropping only 1 basis point to 3.93 percent. Overall inflation grew an underwhelming 0.2 percent year-over-year in July, but core inflation remains steady at 1.8 percent keeping chances alive for a potential rate hike in September,” said Sean Becketti, chief economist for Freddie Mac.

“Housing markets have responded positively to low mortgage rates — the 30-year fixed mortgage rate has been below four percent for five consecutive weeks,” he continued. “Overall housing markets remain on track for the best year since 2007.”

UrbanTurf is following the trajectory of rates in this chart:

3.93: Interest Rates Remain Constant: Figure 2

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/3.93_interest_rates_remain_constant/10268

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