Mortgage rates dropped a bit this week, returning to levels seen earlier in the month.
Freddie Mac reported that a 30-year fixed-rate mortgage was at 4.04 percent with an average 0.6 point. This is the third time since the start of June that rates have been at 4.04 percent. A year ago, the average was 4.13 percent.
According to Sean Becketti, chief economist at Freddie Mac, many reliable and popular companies “failed to meet” expected earnings, leading to a decrease in U.S. Treasury yields. He added:
“Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007.”
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.
See other articles related to: mortgage rates
This article originally published at http://dc.urbanturf.com/articles/blog/4.04_mortgage_rates_drop_due_to_blue-chip_company_performance/10160
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