What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
4.12: Mortgage Rates Drop to Lowest Level in 7 Months
On Thursday, Freddie Mac reported 4.12 percent with an average 0.6 point as the average on a 30-year fixed-rate mortgage, down from 4.14 percent last week. It’s the lowest point that long-term rates have reached since October 31, 2013.
The rates slid for the fifth consecutive week, and it’s not dramatically different than where they sat last year at this time. A year ago, the 30-year fixed-rate mortgage averaged 3.81 percent.
We’ve been following the path of the rates over time in this chart:
Freddie Mac’s chief economist, Frank Nothaft, said in a news release that the rates were the result of reports that home sales aren’t up as much as people thought they would be. But he was optimistic that they would soon be trending back upward:
“Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two 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.
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/4.12_mortgage_rates_drop_to_lowest_level_in_7_months/8546.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro