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Interest Rates at Lowest Level in Almost Three Years

by UrbanTurf Staff

Interest Rates at Lowest Level in Almost Three Years: Figure 1

Long-term mortgage rates are now at their lowest level since 2013.

On Thursday, Freddie Mac reported that the average rate on a 30-year fixed-rate mortgage was 3.58 percent. That’s down from 3.59 percent last week and the lowest that rates have been since May 2013.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” Freddie Mac’s Sean Becketti said. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

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/interest_rates_at_lowest_level_in_almost_three_years/11109

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