Home buyers take note: long-term mortgage rates are now at their lowest level in almost three years.
Last week, Freddie Mac reported 3.60 percent with an average 0.6 point as the average for a 30-year mortgage, down 15 basis points from last week. Long-term rates last dropped to this level in November 2016.
“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment," Freddie Mac's Sam Khater said in a release. "Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”
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-to-lowest-level-in-almost-three-years/15747.
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