If you have been waiting for mortgage rates to drop in order to buy a home, now might be the time to do it.
On Thursday morning, Freddie Mac reported 4.10 percent with an average 0.5 point as the average on a 30-year fixed-rate mortgage. Long-term mortgage rates are currently at their lowest level of the year.
Last year at this time, long-term rates averaged 4.58 percent.
Freddie Mac’s Frank Nothaft on factors affecting this week’s rates:
“Mortgage rates were down slightly this week, following the decline in 10-year Treasury yields. Meanwhile, housing starts in July jumped 15.7 percent to 1.093 million units after falling 4.0 percent a month earlier.”
Here’s a look at the path of rates since January 2010:
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/4.10_mortgage_rates_drop_to_lowest_level_in_2014/8903
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