Mortgage Rate Articles

Mortgage rates back below 4% on weak economic news

These rates are each well below the average rates of a year ago when the average 30-year fixed rate mortgage was 4.86%. Low mortgage rates can’t last forever so if you’ve been wondering whether now is a good time to buy a home or refinance one; or whether rising rates will harm your monthly budget, the answer may be yes. A weak economy held.

It has been an historic ride for those able to refinance or purchase a home – the fixed rate on the 30-year mortgage has been under 4 percent for 14 months. Unfortunately, those days are likely numbered, with economic indicators and pending Federal Reserve actions pointing to a faster pace to 4 percent than had been earlier projected.

The Nonfarm Payrolls Report for June jumped to 224k new jobs, The yield on the 10-Year U.S. Treasury dropped back below 2% early in the week. The S&P 500 slid mostly sideways on weaker economic data and global tensions with Iran. Lower mortgage rates are likely driving buyers into newer homes, factoring.

Adjustable-rate mortgages include an initial interest rate that is usually lower than a fixed rate.. additional options for homebuyers depending on their financial situation and. Most government-backed loans are available in fixed or adjustable rates.. The LendingTree Mortgage Offers Report contains data from actual loan.

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Following the weekly fall, 30-year fixed rates stood 57 basis points below levels from 12-months ago. More significantly, 30-year fixed rates have fallen by 95 basis points since last November’s most.

Mortgage rates rose slightly last week but the average 30 year rate only hit 3.83% according to Freddie Mac’s weekly mortgage survey. Rates have been in the sub-4% range since the week of November 20. Get a personalized mortgage rate quote here. On the economic front, the U.S. economy is still the worldwide bright spot and Wall Street enjoyed.

According to Freddie Mac’s weekly forecast, this week’s average fixed-rate mortgage at 3.97% is the lowest since November 2016. "The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November," says Sean Becketti, chief economist at Freddie.

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After a brief run-up two weeks ago, mortgage rates are back below 4 percent. It’s good news for home buyers and mortgage rate shoppers of Boise because with lower mortgage rates come lower mortgage payments. According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage rate fell to 3.99.

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