Long-term mortgage rates continue to drop to levels not seen in years.
On Thursday, Freddie Mac reported 3.45 percent with an average 0.7 point as the average for a 30-year mortgage, the lowest level for rates in three years.
“As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity,” Freddie Mac's Sam Khater said in a release. “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”
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/345-mortgage-rates-drop-to-three-year-low/16427.
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