After rising steadily since the beginning of the year, long-term mortgage rates have gone in the other direction over the last month.
Freddie Mac reported 6.33% on a 30-year mortgage on Thursday, down 16 basis points from last week. This marks the fourth week in a row that rates have dropped.
"Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008," a Freddie Mac press release stated. "While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand to these lower rates.”
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_fourth_week_in_a_row/20399.
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