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4.34: Mortgage Rates Head Back Down a Bit

by Lark Turner

4.34: Mortgage Rates Head Back Down a Bit: Figure 1

Mortgage rates headed back down on Thursday from their position last week. Freddie Mac reported 4.34 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, down from 4.41 percent. Last year at this time, long-term rates averaged 3.43 percent.

It was a week of economic news that did little to signal big changes to the economy, and the shift in the rates was a small one. Frank Nothaft, Freddie Mac’s vice president and chief economist, had this to say in a news release on the rates:

“Mortgage rates eased a bit following the decline in 10-year Treasury yields. Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”

UrbanTurf is tracking the path of the rates in this chart:

4.34: Mortgage Rates Head Back Down a Bit: Figure 2

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/4.34_mortgage_rates_head_back_down_a_bit/8344

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