Long-term mortgage rates continue to head towards levels not seen since early 2015.
The average rate on a 30-year fixed-rate mortgage was 3.65 percent this week, Freddie Mac reported on Thursday. That’s down from 3.72 last week and the sixth week in a row that rates have dropped. Rates haven’t been this low since February 2015.
“In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form,” Freddie Mac’s Sean Becketti said in a release. “The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.”
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 http://dc.urbanturf.com/articles/blog/mortgage_rate_head_towards_2015_lows/10864
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