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Mortgage Rates Drop Again To Lowest Level In A Year

  • October 17th

by UrbanTurf Staff

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Long-term mortgage rates fell again this week. 

Freddie Mac reported 6.27% as the average on a 30-year mortgage on Thursday, down three basis points from last week. Rates are now back near their lowest level in a year. 

“Mortgage rates inched down this week and have held relatively steady over the past several weeks,” said Sam Khater, Chief Economist at Freddie Mac. “Importantly, homeowners have noticed these consistently lower rates, driving an uptick in refinance activity. Combined with increased housing inventory and slower house price growth, these rates also are creating a more favorable environment for those looking to buy a home."

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: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_again/23978.

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