Home buyers take note: long-term mortgage rates are now at their lowest level in more than two years.
On Thursday, Freddie Mac reported 3.73 percent with an average 0.5 point as the average for a 30-year mortgage, down 11 basis points from last week. Long-term rates last dropped to this level in November 2016.
“While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market," Freddie Mac's Sam Khater said in a release. "Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
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-since-november-2016/15596.
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