After rising steadily since late January, long-term mortgage rates dropped this week.
Freddie Mac reported 3.13% with an average 0.7 point on a 30-year mortgage on Thursday, down five basis points from last week.
“After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields,” Sam Khater, Freddie Mac’s Chief Economist, said in a statement. “As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand."
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/mortgage-rates-drop-for-first-time-since-january/18107
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