Long-term mortgage rates have dropped for six weeks in a row and are now at their lowest level since early summer.
On Thursday, Freddie Mac reported 6.67% as the average on a 30-year mortgage, down 28 basis points from last week. Rates are now at their lowest level since mid-June.
“The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in home builder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”
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/667_mortgage_rates_fall_to_lowest_level_since_june/21811.
Most Popular... This Week • Last 30 Days • Ever
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
Home prices in the DC region have risen on an annual basis for seven consecutive mont... read »
Plans for a large new residential project above the Ellsworth Place mall in the middl... read »
Homeowners are staying put twice as long; the most profitable places to own a short-t... read »
A year ago, UrbanTurf reported on plans for a grocery store that was looking to open ... 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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro