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4.75%: Mortgage Rates Drop
Last Thursday, Freddie Mac reported 4.75 percent with an average 0.5 point on long-term mortgage rates, a 6 basis point drop from the previous week. Last year at this time, rates were averaging 3.94 percent.
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“Mortgage rates declined amid a steep sell-off in U.S. stocks," Freddie Mac chief economist Sam Khater said in a statement. "This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”
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/475-mortgage-rates-drop/14784.
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