After rising at a steady pace for the first part of 2018, long-term mortgage rates have started easing in recent weeks.
On Thursday, Freddie Mac reported 4.40 percent with an average 0.5 point as the average for a 30-year mortgage, down four basis points from last week. Long-term rates have now dropped for two weeks in a row after reaching four-year highs earlier this year.
"Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home purchase demand weather modestly higher rates," Freddie Mac deputy economist Len Kiefer said in a release. "The Mortgage Bankers Association reported in their latest Weekly Mortgage Applications Survey that the Purchase Index was up 5 percent from a year ago indicating that this spring is on track for a modest expansion in purchase mortgage activity.”
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-for-second-straight-week/13794.
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