After rising last week, long-term mortgage rates fell noticeably on Thursday.
Freddie Mac reported 6.33% as the average on a 30-year mortgage, down 15 basis points from the same time last week.
“While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates,” a Freddie Mac press release stated. “Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.”
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/633_mortgage_rates_resume_their_decline/20494.
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