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Mortgage Rates See Largest Weekly Drop in a Decade

  • March 28th 2019

by UrbanTurf Staff

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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.

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-see-largest-weekly-drop-in-a-decade/15191.

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