Long-term interest rates hit their lowest level nine months, reported Freddie Mac on Thursday.
A 30-year fixed-rate mortgage averaged 3.72 percent with an average 0.6 point this week. It’s the fifth week in a row that rates have fallen, and they are now at their lowest level since April 2015.
“Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows,” Freddie Mac’s Sean Becketti said in a statement. “These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.”
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 http://dc.urbanturf.com/articles/blog/mortgage_rates_drop_to_nine-month_low/10838
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