Long-term mortgage rates headed down for the fifth week in a row on Thursday.
Freddie Mac reported 7.22% as the average on a 30-year mortgage, down 7 basis points from the previous week. Rates have now fallen nearly 60 basis points in the last month.
“The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels," said Sam Khater, Freddie Mac’s Chief Economist. "The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.”
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_drop_for_fifth_week_in_a_row/21736.
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