Long-term mortgage rates provided some welcome news for homebuyers on Thursday.
Freddie Mac reported 4.06 percent with an average 0.5 point as the average for a 30-year mortgage this week, down 22 basis points from last week. It is the largest weekly drop for rates in more than a decade.
“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years," Freddie Mac's Sam Khater said in a release. "Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in 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 https://dc.urbanturf.com/articles/blog/mortgage-rates-see-largest-weekly-drop-in-a-decade/15191.
Most Popular... This Week • Last 30 Days • Ever
The storied unit along P Street is now looking for a new owner.... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
TideLock is a mixed-use development that will consist of 169 apartments and 65 condom... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The share of homes priced above $1 million continues to rise in the city.... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro