After a steady rise, mortgage rates fell for the first time in two months on Thursday.
Freddie Mac reported 4.20 percent with an average 0.5 point as the average for a 30-year mortgage today, down twelve basis points from last week. Despite the drop, the path of rates since the election is taking its toll on the mortgage market.
“This marks the first time since 2014 that mortgage rates opened the year above 4 percent,” Freddie Mac’s Sean Becketti said. “Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll — the MBA’s refinance index plunged 22 percent this week.”
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_first_time_since_election/12021.
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