Last week, long-term mortgage rates fell by a whopping 22 basis points and that move spurred homebuyers to get moving.
On Thursday, Freddie Mac reported 4.08 percent with an average 0.5 point as the average for a 30-year mortgage, a slight uptick from last week's 4.06 percent, but still within the range to get homebuyers off the fence.
“Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016," Freddie Mac's Sam Khater said in a release. "The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.”
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 http://dc.urbanturf.com/articles/blog/low-mortgage-rates-get-homebuyers-off-the-fence/15219
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