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Mortgage Rates Head Back Down Towards 2016 Lows

  • May 5, 2016

by UrbanTurf Staff

Mortgage Rates Head Back Down Towards 2016 Lows: Figure 1

Long-term mortgage rates headed back down toward their 2016 lows this week.

On Thursday, Freddie Mac reported that the average rate on a 30-year fixed-rate mortgage was 3.61 percent with an average 0.6 point. That’s down from 3.66 percent last week and from 3.8 percent last year.

““The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” Freddie Mac’s Sean Becketti said. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year.”

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_head_back_down_towards_2016_lows/11197

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