For the first time in a year and a half, long-term mortgage rates have dropped below 4 percent.
On Thursday, Freddie Mac reported 3.99 percent with an average 0.5 point as the average for a 30-year mortgage, down seven basis points from last week. Long-term rates haven't fallen below 4 percent since January 2018.
“While economic data points to continued strength, financial sentiment is weakening with the spread between the 10-year and the 3-month Treasury bill narrowing as fears of the impact of the trade war with China grow," Freddie Mac's Sam Khater said in a release. "Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing and new home sales picking up recently.”
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/mortgage-rates-drop-below-4-percent/15464.
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