A few weeks ago, we reported that mortgage rates had dropped below 4 percent and were likely to go lower. This week, they did just that.
Freddie Mac reported 3.88 percent with an average 0.5 point as the average for a 30-year mortgage today, a new low for 2017. But today’s drop doesn’t mean that rates will stay low.
“The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” Freddie Mac’s Sean Becketti said in a release. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”
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_to_new_low_for_2017/12748.
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