Long-term mortgage rates dropped this week to their lowest level since 2013.
The average rate on a 30-year fixed-rate mortgage was 3.59 percent this week, according to Freddie Mac. That’s down from 3.61 percent last week and 3.85 percent a year ago.
“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March,” Freddie Mac’s Sean Becketti said. “As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years.” With the latest drop, mortgage rates have now fallen 14 of the last 19 weeks.
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_rates_dip_to_lowest_level_in_three_years/11225
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