For the first time in five months, long-term interest rates have fallen below 2.8%.
Freddie Mac reported 2.78% with an average 0.7 point on Thursday, down 10 basis points from last week and the lowest level for rates since February.
“While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices,” Freddie Mac economist Sam Khater said in a release.
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-fall-below-28-for-first-time-since-february/18526.
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