Mortgage rates stayed low this week, capping a summer of lower-than-average rates.
Freddie Mac reported this week that the 30-year fixed-rate mortgage was 3.90 percent with an average 0.6 point. This is a marginal increase from last week’s 3.89 percent rate. A year ago, rates sat at 4.12 percent.
Rates didn’t move much this week due to the holiday weekend and national employment statistics, according to Sean Becketti, Freddie Mac’s chief economist.
“Following a shortened week, mortgage rates were virtually unchanged, inching up 1 basis point to 3.90 percent. The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed’s September meeting. The unemployment rate dropped to 5.1 percent in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations.”
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/3.9_rates_stay_low_mostly_unchanged/10317
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