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Mortgage Rates Drop Incrementally For 5th Week In A Row

  • February 20th

by UrbanTurf Staff

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Mortgage rates continue to their slow decline. 

Freddie Mac reported 6.85% as the average on a 30-year mortgage, down two basis points from last week. Long-term rates have fallen for five weeks in a row, but have only dropped about 20 total basis points during that time. 

“The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points," said Sam Khater, Freddie Mac’s Chief Economist. "This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”

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: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_incrementally_for_5th_week_in_a_row/23211.

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