Interest rates headed back below 4 percent today for the first time since early June.
Freddie Mac reported that a 30-year fixed-rate mortgage was at 3.98 percent with an average 0.6 point. A year ago, the average was 4.12 percent.
According to Sean Becketti, chief economist at Freddie Mac, homebuyers have China to thank for the drop in rates:
“Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets. The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed-rate mortgages fell 6 basis points to 3.98 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.
This article originally published at http://dc.urbanturf.com/articles/blog/3.98_rates_head_back_below_4/10194
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